Greece Going Down? (No, Really?)

Off Bloomberg:

Dec. 9 (Bloomberg) — Former Bank of England policy maker Willem Buiter said Greece may be the first major country in the European Union to default on its debts since the aftermath of World War II.

“It’s five minutes to midnight for Greece,” Buiter, who will join Citigroup Inc. as its chief economist next month, said in a Bloomberg Television interview today. “We could see our first EU 15 sovereign default since Germany had it in 1948.”

Was your first hint the unsustainable social spending, the ramping debt-to-GDP ratio, or an intractable government that has refused to put forward any sort of reasonable austerity measures?

Next question: How is the US any different or, for that matter, Great Britain?

Calling Captain Obvious on Line 1!