Thanks for the links DBA. Criminy, Greece might just create a domino effect, Spain's economy isn't any better. I have relatives in Spain, what they relate in regards to the economy it's that it is crumbling, a lot to worry about across the pond. I read somewhere that the unemployment rate in Greece is 26+%???, Spain's right up there with Greece. I found the article below rather interesting, perhaps not entirely accurate but certainly an eye opener. Read on:
What you see in Greece and Spain is the result of highly-integrated socialist/welfare state policies. Greece in particular spent way more money than they had, as a nation, and has been doing so for a couple hundred years, occasionally defaulting on the money owed to others.
What did they spend it on? Perks and entitlements for the citizens. In the last decade or so, public sector salaries nearly doubled, people got pensions at >90% of their previous salaries, and let them get this starting at age 58. The government paying people retired people inflated wages for doing nothing for 30 years is a great way to run out of money.
When they joined the Euro, they thought they were clear to keep spending money like water, but they ran into a problem. They don't control the Euro. We spend too much money here in America also, but we have a way to "fix it." We just print more money. It devalues the currency, but it keeps us from defaulting. Greece, as part of the Euro, can't do that. The European Central Bank decides when to print more Euros and tell the Greeks to take a hike. The economy tanks. This alone causes unemployment.
The reason the ECB won't print more Euroes to keep Greece afloat is it would affect all of the Euro countries. Germany and Belgium et al say, "Hey, there's nothing wrong with our economy. You can't screw us to dig yourself out of debt. Fix it yourself."