Countries are no different than corporations - they all must deal with the same exact set of resource constraints. Borrow & spend your way to riches ... or to poverty?
Greece isn't first on the list; rather it's way down around #10 or so. First up were sub-prime mortgages 2-3 years ago. Then corporates, now weaker sovereigns (PIIGS). Next to last will be the UK, and finally, for the grand finale, the US will have its moment on the world stage.
After both private & public debt is defaulted & currencies radically re-aligned, perhaps the global economy can get back on its feet.
When the Euro collapses, Germany, being the “richest” of the Eurozone countries will take a HUGE hit.
Furthermore - on what basis do you claim that Germany’s finances are reasonable? What is Germany ratio of Current Debt to GDP? What is thier REAL New Debt to GDP ration?
Supposedly, ALL Eurozone members were limited to 3.0%. Germany was the first to break that rule. Over the years, not one country (to include Greece) has been truely disciplined under this rule - indeed most have continually reported to be within the limits!
The collapse is coming and Germany is in panic mode because they KNOW what it will mean for thier economy when it happens!