Well, I understand Greece was lent a bunch of money by Germany etc. But that isn't really the debt I was talking about. I was talking about the bond debt. Once Greece's revenues began to dry up from taxation etc, Greece started selling more and more bonds so they could continue their way of life (comments withheld). Greece knew it would have trouble paying the interest back, not to mention the principle, but of course they figured the crisis would end and the economy would rebound and they would get back on their feet and their way of life could continue. Obama thinks the same thing for the USA.
Sure, JP Morgan Goldman Sachs and co. punked out Greece, but I will say what I have always said about my own country. Greece could have reformed. It's not to single out Greece, as I know how hard it is for people to change their ways from what they are comfortable with, and usually do not take action until it's too late. The key is to fix the problems before the system crashes. I really am sorry things happened the way they did over there, and it drives me even harder to try to fix our problems and inculcate solutions here before the system crashes. That is part of the reason I posted that picture.
People deny the problems, and then when it comes to a head, they are all to eager to give the government more power and give up their own freedom and sovereignty in the name of not having to change their lifestyles. Of course, if the people never fix the problem, they are going to be forced to change their lifestyles. The longer the people wait, the worse they will be in the end
Debt can be helpful, but all too often people and countries go way too far and screw it up for everyone else, including the people who were responsible and had little/no debt. It's just my opinion, but whether the people of Greece knew it or not, they sold out their sovereignty in the few years before the Austerity measures were imposed (much like I think American's are selling their freedom right now, by continuing to demand more spending, more government programs, adamantly refusing to cut even a penny of spending, all the while our credit is being downgraded). They got some smaller bailouts, but did not change their ways. That was the time for Greece to deal with their problems, they did not. I don't even really think they tried to hard either. Rather than look for solutions, they played blame games about who's fault it was, which made it pretty easy for average Greeks not to have to look at themselves or make any changes. sure, the politicians take the blame too for lying and selling people out, but the bottom line, IMO, is that this is where redistribution of wealth always ends up. It's hard to understand because it never happens the same way and can be hard to identify, even after it gets painfully clear.