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All of their welfare states continue to expand faster than their underlying economies. It's politically impossible to reign them in. On the other end, declining birthrates now make it difficult to heave the debt upon future generations. You can't pass it off if there's no one to pass it off to. It's just that Greece is the first. Eventually it will be the others. Not even Germany will escape it. Expect to see a "tea party" movement there in a few years once their standard of living starts to decline in the name of bailing out all the others.