Greece hid their debt (through CDOs from Goldman Sachs) to improve the country's balance sheet so they could qualify for inclusion into the Euro zone. When Greece entered the Euro zone, they lost their own currency. Without control of their own currency they can not print money nor set the price of money. Greece is in economic dire straits, looking for bailouts from the EU, Germany, and the IMF. Greece is also attempting to cut social benefits and the reaction has been strikes and protests.
Like Greece, America's cities and states can not print their own money. Some cities (Harrisburg) and states (California) are unable to match their spending with their revenue. They are in a similar situation as Greece.
Harrisburg is considering bankruptcy:
Harrisburg, Pennsylvania, which has missed $6 million in debt payments since Jan. 1, should consider seeking Chapter 9 bankruptcy protection, City Controller Dan Miller told a three-hour special committee hearing.
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