My belief is that, if you look carefully, you'll see that we're already there.
Greece's economy is not strong enough to overcome their debt/GDP ratio of 140%+ given they don't control their own monetary policy. They're in shambles, as many media stories have reported with their tax system, government pensions. The EU banks that lent to them over the last decade essentially buried them and now want off the hook.
Its just pathetic all the way around. Aren't people getting tired of these systemic risk accelerators, and add Goldman Sachs to the list.
Greece will default, we're only debating who is going to pay for it. Don't count out our global elitists in Washington and New York to sign up US taxpayers to foot as much of the bill as they feel would be prudent for their own personal interests.
True - Best example, my uncle is 80 and ran into debt problems. He has limited income and asked my brother for 20 grand - my brother said you will just be in the same position 6 months from now and the 20 grand will be gone - need to declare bankruptcy now.