@Wa_ithaka how can you say free market/capitalism will never work???
to my understanding capitalism has nothing to do with govt spending...
but since you are critizing capitalism then i'm assuming you support socialism.. i ask.. wont socialism increase government expenditure exponentially and reduce government revenue due to lack of a private sector??? how does socialism repair a govt debt crisis???

what aspects of socialism do you support???

@wa_ithaka.. the homework is fine maybe you should do some yourself on my profile because i'm definately not a FELLA...

How did the PIIGS get there? One condition of Joining the Euro is that your budget deficit should not exceed a certain percentage of your GDP. If this is maintained, then the country should not have a problem. It looks like policing is not being carried out probably.

Did someone once refer to the Bible and said that the Eurozone will only have 10 countries at the end of the day? Any 'Preachers' in the house?

Closer home, China sent Mugabe a birthday cake. Zimbabwe has never defaulted on its debt repayments internal and external despite the crisis. This tells alot.

@FundamentalAli the countries in the were not given any requirements but were given a deadline of 2015 to bring their deficits down below 10% of GDP... so the countries still have time
you seem to be mistaking a debt crisis with defaulting on a debt???

i dont think any eurozone country has defaulted yet..