Greece got into trouble because public debt got out of control, mounting up to almost 120 percent of GDP. Hal: You say a plutocracy is imaginary, but you admit you moved yourself out of one class of people to a better one. As low skilled jobs move out of the country or are replaced by technology, people will need to re-educate themselves.
The day of reckoning for global total debt – total credit market debt up from $28 trillion in 2001 to $53 trillion in 2012.

With many countries sticking with the "Too big to fail" mentality, Iceland took a different approach. At the end of 2008, Iceland found itself in financial turmoil – its banks owed nearly six times the entire country’s gross domestic product (GDP).
Her analysis of a mass of historic data across the globe showed that there's no relationship between government debt and the ability for an economy to grow, provided the debt to GDP ratio does not exceed 90 percent. Take a look at this video to learn about Iceland’s handling of the debt crisis and how its economy has turned out.

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