The PIGS ran up debts that they could not possibly pay because they weren't borrowing on their credit but on that of wealthier, more sober minded countries. Just like the profligate neighbors in a social democracy, those that consume compelled those that produce to support them and called it 'justice'.
And just like in social democracies the world over the jig is up. It seems that there is a limit to how much the productive will waste on.....wastrels.
Robert Samuelson, that oh so soberly balanced of moderate economists describes the scenario using words like 'ominous' and 'day of reckoning'.
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