The Hellenic debt crisis is a con of a type that we’ve seen in municipal politics here state-side. Big city gives unions everything they want, default looms, city’s warned, city keeps spending, city gets bailed out. Insert ‘auto company’ for ‘city’ and you get last year’s crisis. Insert ‘nation state’ for ‘city’ and you’re looking at this years crises.
http://www.ft.com/cms/s/0/3cfeab9e-1813-11df-91d2-00144feab49a.html?nclick_check=1