Indeed. Excepted that this is not a financial crisis. The financial crisis is just a catalyzer. The fundamental issue is state who continuously spend more than what they made because states are run by politicians who can't count (because 99% of them are lawyers and lawyers can't count and they'll only accept advices from economists going their way: that is "more state").

We're now witnessing what happens when states spending more than what they make are running out of money.

Of course socialists are trying to pretend it's a financial crisis and that without the financial crisis in the U.S. nothing would ever have gone wrong with all these highly socialists states in Europe spending more than they're making and creating an ever bigger state debt.

Seriously who's buying that? When you're borrowing more money than what you make at one point payback time comes.

And payback time is coming for socialists. And they don't like it.