European finances

The EU has decided , along with the big EU banks , to once again bail-out Greece even though they don't exactly call it that. Its really Germany, the EU's biggest economy , that's doing the bailing. But with a debt of 120% of their GDP , can Greece really get itself out of this hole no matter how draconian the austerity measures are? The biggest threat to the global economy , right now, is if Italy, the EU's 3rd biggest economy, follows suite and also needs a bailout.(Which, by the way, is looking ever more likely). Whole countries are going belly-up now. This trend is a direct link to the West living well beyond its means for years now! Sure the 2008 economic meltdown hurt , but, this goes well beyond a dip in the stock market. Entitlements, slow downs of the work force and generally feeling as if the rest of the world should continue to support our lavish (by other countries standards) lifestyle. We all need to slow down!!! We are raping the earths natural resources as we try to consume our way out of worsening crisis.  Are you listening Washington ?