You stalled it for as long as you could, but less than 2 years later, you are still a bunch of debt slaves like the USA. China might not own as much of your debt as they do for us Americans, but now you’re still owned by banks. They bailed you ought like any good devil would, promising prosperity and stability. Get ready to be taxed like you’ve never been taxed before. You gotta pay back those good guy banks.
You’re still on top in some arenas. Your children get a free higher education, keeping them away from the student loan sharks. I’m not sure what will happen when these grads will start to default on their loans. The fun is just beginning.
Good luck to you Europe. Enjoy your bailout and your bank buddies. Make sure to be good and abide by those wholesome, honest sanctions on Iran! You don’t want to piss off the USA police! They will taser you =). Don’t do trade with Iran, the bad guy, because you should actually trade with WTO approved slaves in Mexico and guatemala and Sri Lanka!
The world is a beautiful place! Viva la bankers.