In some sense, the public is partly to blame – they are the ones clamoring for all the government handouts and increased services forgetting that government has no money except that which it confiscates from its citizenry in the form of taxes or from the next generation of taxpayers by deficit spending/borrowing. When its lenders decide that they are no longer willing to lend their capital to nations which follow reckless fiscal policy, the gig is up.
Eventually the Piper must get paid his
due.
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