Greece and the welfare state in ruins

“Almost every advanced country — the United States, Britain, Germany, Italy, France, Japan, Belgium and others — faces some combination of huge budget deficits, high debts, aging populations and political paralysis. It’s an unstable mix. Present deficits may aid economic recovery, but the persistence of those deficits threatens long-term prosperity. The same unpleasant choices confronting Greece await most wealthy nations, even if they pretend otherwise.”