Greek Economics
So it begins in earnest. The Greek population, annoyed by their rich persistently dodging tax have gone out on collective strike in response to their government's attempts to only spend the money it actually has and to pay back that which it has borrowed. What I am not sure of is where they go from here. If the population collectively walks out unless they are given handouts of money which doesn't exist, what are the government supposed to do?
Do not be surprised if, over the next few months, Greece turns into a right mess. It will end either with them being bailed by the Germans (which will cause riots there given the collective German love of all things Eastern European) or with them being forced out of the Euro.
Oh yes, and remember that we have EXACTLY the same problem and the same decisions to take in the near future. We have two advantages which are being in charge of our own monetary policy and having a much lower national debt (not current account debt, that is similar to the Greeks). But we still have to face this for ourselves soon.