[tahssa]

I thought that Greeces problems stemmed from excessive govt spending leading to a situation where the tax revenue could not compensate for the debt load with a consequence of either bankruptcy or bailouts from other countries. At least that's where my comparison starts and ends.

[graeme]

That's true. But it's only true because the debt load is in Euros, and Greece doesn't control the value of the Euro.

If you're a country with currency control + debt in your own currency, it's basically impossible to have that same kind of crisis.

(You can have other problems, but they wouldn't be so intractable as what Greece has.)