I really don't get this. The Greece population is barely bigger than the population of Los Angles county. It's GDP is 60% less than Los Angeles yet they are $31

I really don't get this. The Greece population is barely bigger than the population of Los Angles county. It's GDP is 60% less than Los Angeles yet they are $318-Billion in debt, of course they can't pay it. But most confusing is how this is couched as potentially destroying the Euro. "...Yet if Greece is in turmoil, so is Europe. The entire leadership of the eurozone warned before the referendum that a "No" vote would lead to ejection from the euro, never supposing that they might have to face exactly this...." The European Union has no constitution, no "all powerful" executive, judicial, or legislative power over any it's "states" and worse than that there are seemingly no consequences when a states over borrows and under produces. Imagine if Los Angeles said, "Ok, we are defaulting, we are creating our own currency, bye bye!" It would not fly and neither would a bailout.