Greek Finance a Ponzi Scheme?

The Greek government appears to have been running a Ponzi scheme.  A Ponzi scheme remains a Ponzi sheme whether it is run by an individual, a company, or a soverign state.  Inevitably a Ponzi scheme damages all those who are involved directly or indirectly.  One solution adopted, in the case of individuals responsible for running such fraudulent schemes, is to jail them !

Unfortunately it is difficult to imagine such a resolution being applied to the Greek politicains, electorate, and their bankers; all responsible for the Greek crisis.  Nevertheless, many innocent parties are going to suffer as a consequence of their irresponsible behavior.  Germany is right to insist that help must be extended only on a basis that prevents a repetition of such profligate spending. An satisfactory resolution for the Greek crisis must  also convincingly demonstrate to all who might evisage running  Ponzzi shchemes, ie 'living on tic', that there is no 'good fairy' duty bound or obliged, to bail them out.

Those involved in financial markets should note that Greek bankruptcy does not necessarily involve Greece leaving the Euro zone or the European Union.  Such suggestions can only be made by those with a complete ignorance of the facts.  California or Detroit, could go bankrupt wuthout being forced to leave the US dollar zone or the the United States.

Ref:
http://online.wsj.com/article/SB10001424052702303491304575187712463200360.html?mod=WSJ_article_RecentColumns#articleTabs%3Darticle