The cause of Greece’s economic troubles read like this;

Years of unrestrained spending, cheap lending and failure to implement financial reforms left Greece badly exposed when the global economic downturn struck. This whisked away a curtain of partly fiddled statistics to reveal debt levels and deficits that exceeded limits set by the eurozone.

As for Obama’s nation, the unrestrained spending has been going on for a few years in addition to the cheap lending. America has yet to implement any financial reforms and is exposed to any global economic downturn which in all likelihood, could begin with a Greece default. The dreaded contagion would run like wild fire through Europe and then ripple around the world.

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