This article is by Dr Otmar Issing in the FT.
A Greek bail-out would be a disaster for Europe
The remarks he makes could just as easily be applied to the US and the individual states.
Participation in Emu brings huge advantages. The benefits of joining a stable economic area are greatest for countries that were unable to deliver such conditions before. Thanks to the euro, Greece has enjoyed long-term interest rates at a record low. But instead of delivering on its commitment at the time of entry to reduce public debt levels, the country has wasted potential savings in a spending frenzy. The crisis with which it is now confronted is not the result of an "external shock" such as an earthquake, but the result of bad policies pursued over many years. Bailing out Greece would reward such behaviour and create moral hazard of a dimension hardly seen before.We may not have Greece's problem right this minute but it is just a short time before we do. Write your representative and tell them to fix the fiscal situation or get out of office. Throw out any incumbent unwilling to face the difficulty of putting our National or State finances in order.