Greek Debt Crisis

Greece had a big debt caused by a large budget deficit for many years. It was not able to collect sufficient tax revenue to pay for the cost of government. It borrowed on short term bonds to cover the deficit. The lenders are not willing to roll over the debts and to buy new debts.

Many countries are in similar situation. They include the Japan, UK and USA. Will the debt crisis come to these countries? It will - it is just a matter of time.

What is the root of the problem? What is the long term solution?