I believe this is an excellent example of the game we are having run on us.
Europe is fairly strong economically, and Greece and Spain are part of the zone. Europe is going to digest the ills of the southern tier, and no doubt there will be haircuts for everyone.
We are looking at a nation where retirement is at 53, with an 80% pension. Making adjustments is certainly a reasonable expectation.
In other words, yes, there are issues. Will Greece disappear or become a province of Germany? Nah.
Yes there is a crisis. Is it an end of the world crisis? Nope.
Of course it is not the end of the world...but austerity cuts don't just need to happen if the government doesn't go crazy.
Overspending has led to an artificial and unsustainable standard of living...and that is going to be forced to change...the fact that they had such a posh system is part of why they are struggling now. It will not last.