Many call it the Greek Tragedy, but it is actually a tragedy of the commons as an overdrive of debt is driving the world of make-believe growth; Greece is not the only country which has to resort to fresh debt for paying off old debt, almost every state in the United States of America had a similar problem in and around 2008-2010, with California, the world's sixth largest economy leading the pack.

Every state in India barring Gujarat and Maharashtra has the same predicament. A whole lot of Chinese districts will follow the same bandwagon, debt is almost so supremely pervasive across the length and breadth of this world.

No one talks about it or complains, but the Greeks have a tryst with a different kind of destiny being part of an Union, not a country. Would anyone do the same with a state like West Bengal in India, although by all count the debt-statistics will be similar to Greece? No one would, as it is a state within a country, and no one severs a state from a country just because it is bankrupt; may be it would have done a world of good to actually try to bring in some semblance of austerity that would have limited the current malaise of some of these states.