[–] crankypants15 0 points 0 points (+0|-0) ago  (edited ago)

Greece, the nation with the debt problem, is currently expecting each employed person to support 6.1 other people above and beyond their own families. This explains much of the pressure to work long hours and also explains the unstable debt loads.

Every US workers supports 1.9 non-household people. Each Canadian worker supports 0.5 non-household people. Interesting.

The numbers imply that 67 percent of the population of Greece is wholly reliant on the Greek government to provide their incomes. With such a commanding supermajority, changing this system with the democratic process is impossible as the 67 percent have strong incentives to continue to vote for the other 33 percent — and also foreign entities — to cover their living expenses.

The Greek voters have learned to vote welfare for themselves, sending the country into an economic death spiral.

Each nation that has breached the 50 percent barrier in public reliance is also showing poor growth with numerous nations coming dangerously close to the majority in some form of reliance on redistribution for earnings.

US is at 42% of people receive some public assistance.

So as long as this social structure is in place, the odds that a Greek default and restructuring will lead to a sustained Greek recovery are very low.

Doesn't Germany hold a lot of the 2nd Greek restructuring debt? Who's going to fall if Greece implodes?