While watching Greece, remember we have similar problems looming in our future.
Of course, the United States has some advantages that the Greeks lack. Greece owes a significant share of its debt to foreign governments, while the majority of American debt is domestically held. The United States also faces low borrowing rates, while Greece has been effectively shut out of capital markets. The US debt may be bad, but in many ways we are the fastest horse in the glue factory. As long as the euro remains in crisis, we will continue to be able to borrow money at absurdly low interest rates.