Look what is happening in Greece. One-third of the population on government payroll and system has collapsed. Germany is the only country with enough economic power to save Greece and they aren't crazy about the idea. However, if the Germans don't act, the EEC risks a domino effect of collapses as poorer nations go down.
The real bitch is the problem can again be traced back to Goldman Sachs and the Wall Street investment firms. Not good.
Article: "Wall Street aid led Greece, other nations into debt"