The Greek economic tragedy is proving several truths. (1) "Too Big to Fail" is a dangerous lie. (2) Socialist welfare schemes invariably fail. (3) Establishment solutions to problems do not solve the problems, because they are not intended to. Rather they push the problems down the road, enriching the Establishment elite in the process. (4) Moral hazard makes people stupid, and (5) If we don't quickly learn these lessons, bailouts will become more and more common--until there is no one left to perpetuate the charade.
Politics is seldom simple. But the truth usually is.