Greece’s IMF Collapse Shows America what Default Looks Like

Greece’s IMF Collapse Shows America what Default Looks Like | Somewhat Reasonable:
"On June 30th, Greece became the first nation in the European Union to default on payments to the International Monetary Fund (IMF).
Greece, which has been struggling with financial difficulties for some time, refused debt restructuring and austerity efforts, resulting in the extreme measure that has impacted financial markets across the globe.

Greek national debt totals $358 billion, of which $273 billion is owed to various international bailout funds, including the IMF.
...Americans can learn from the Greek default. The United States faces an $18 trillion national debt and a federal budget deficit of $439 billion, brought on by unprecedented government spending.
As global financial experts struggle to pinpoint the exact genesis of Greece’s troubles, it’s clear excessive borrowing and unsustainable spending habits are to blame.
The United States, with a debt to gross domestic product ratio of 71 percent, may have time before it faces a Greek-style economic collapse, but it’s certainly repeating Greece’s financial mistakes. Greek debt levels are at around 177 percent of their national GDP, but just 25 years ago, they were closer to the same levels as the United States..."