Well, that's only a problem if you rely on deficit spending to prop up the budget. Balance the budget by enforcing the tax laws and cut certain spending. Tax evasion is very, very large in Greece If people actually payed the taxes they're supposed to pay, there would be no deficit at all.

Or do you think the taxes would then become so high that they'd strangle growth?

In the long run it seems some kind of structural reform is needed for Greece, to deal with the fact that wages have risen so fast that the

Peak oil is not an energy crisis. It is a liquid fuel crisis.