Greece once boasted great philosophers and great architecture, such as the Parthenon, which still rises majestically upon the Acropolis in Athens. (A magnificent copy of it can be found in Nashville.)
The decline of ancient Greece’s civilization had a number of causes, but modern Greece’s painful economic problems should provide us warnings so we in the United States may avoid the kind of mistakes that have contributed to Greece’s troubles.
Greece’s problems today are a direct result of that country’s defiance of basic economic realities over a long period of time.
In short, Greece is now broke.
It has spent so heavily on social welfare programs that it no longer can meet its financial obligations to its own people and its creditors.