Article here.

^...what’s happening in Greece is almost certainly an early sign that Europe’s long-in-coming day of reckoning is now at hand.^

^Yes, Greece is an outlier. Its debt is higher than elsewhere in the eurozone. More taxes seem to go uncollected there than just about anyplace else. And the state apparatus looks to be almost beyond belief in terms of its size and drag on the economy.^

^But the most debilitating disease afflicting Greece is also present in every other western European country. They all have more and more people living off of an expansive social welfare structure, even as their workforce is aging, shrinking, and losing ground to global competitors.^

More on demographics here.

And needless to say, Europe is the canary in America's coal mine.