A Greek Tragedy

What a terrible day for the Greeks.  On the one hand, if you borrow like there is no tomorrow, you will face a day like today.  On the other hand, individuals who go bankrupt lose their assets and some of their income, but when they are released from bankruptcy, they get to start again debt free.  Greece is being asked to give up assets through privatization, and to give up income through new taxation...all good and necessary.  But it is also being told to keep all of its debt so the world's bankers do not have to face the consequences of lending to someone who has no money.  Not good.  The Greeks need to hold out for real debt reduction in return for the austerity that is being pushed on them, and which Greece needs to do.  Again...what now?  Europe has NO PLAN for dealing with bankrupt countries...are Portugal and Spain next?  DO NOT buy equities.