This is the perfect economic fractal example where dangerous massive debt burdens have migrated from the small scale (individual) to the large scale (country); the principle or idea (of debt) is the same, the scale is irrelevant.
I explained the world's economic problems to my 10 year old daughter by reducing the problem to her scale - it was very easy.
Today - through the mechanism of (moral hazard) bank bail-outs - it is countries that are getting burdened.
Where to next?
This is the perfect storm.'