John Mauldin is one of my favorite thinkers on investing. You can subscribe to his free newsletter by clicking here. A short while ago he wrote this piece on the situation is GREECE that is really insightful. ( This Time Is Different) The country's financial situation continues to grab headlines and is the reason most cited for any downward equity moves. There is not a happy ending here and John thoughtfully lays out the trade-offs. The whole piece is worth a read though the section on GREECE is about half the way down. One key take away for me was this - "Obama offering to freeze spending by 17% in US discretionary-spending programs, after he ran them up over 20% in just one year, is laughable. Greece is an object lesson for the world, as Japan soon will be. You cannot cure too much debt with more debt."
John's books are Bulls Eye Investing and Just One thing (amazon link)
He also mentions this book in this newsletter which I am most certainly going to get.
This Time is Different, by Carmen M. Reinhart and Kenneth Rogoff ( amazon link )