How true. If Germans were to give all their federal state debt back tomorrow they would be in default. The same is true for almost all other EU countries. I think Sweden went down with their debts in 90ties. Surprisingly Russia had low levels of sovereign debt (not sure now after a year of proxy war/scuffles with US). I was watching this default teasing in Greece this year and was wondering - they do not get any money from outside, they have no money inside so which of the maturity points will be a tipping one? This looks like as if somebody in Brussels, Frankfurt and Berlin decided Greece has to go now or stand up on its own. I suppose once in default treaties will force immediate exit from Euro zone. If not for all the poor people that are gonna suffer this would be funny.