I agree and I said as much. The question is what now. They have cut spending. They still can't pay on their loans. They can run their government, but not pay b

I agree and I said as much. The question is what now. They have cut spending. They still can't pay on their loans. They can run their government, but not pay back the debt. If you care mostly about just dues or moral hazards, there are two sides to a bad loan: borrowers and lenders. When things go bad, the borrower suffers bankruptcy and the lender suffers a default. The lenders need to get their dues too. The German government decided to bail them out (with the EU & IMF), so they won't. That part isn't Greece's fault.