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g'day again chicklittle.
you're right in general & most of the time, but as I say in later post, it's the combination of virtually all Europe, except Germany/France that's the problem. Countries default all the time, but NOT all together (or at least in a common timeframe of next couple of years), as is shaping up as possible here.
& you're also right about those most affected; unfortunately for Greece, there's a lot on public payroll. but hey, they have been living the sweet life for a long while; retire < 55, & paid vacations inside greece. country just can't afford it any more.
but greece on it's own isn't the problem.

cheers,

ned, still HOPING for the best outcome.