The future of Europe is already happening Greece:

June 14 (Bloomberg) — Wind Hellas Telecommunications SA, Greece’s third-biggest mobile-phone operator, said it began talks with creditors because of a slump in sales and earnings in April and May caused by the government’s austerity measures.

Sales in the two months dropped 27 percent from the same period a year earlier, to 134 million euros ($164 million), according to a presentation on the company’s Web site. Earnings before interest, taxes, depreciation, amortization and some items fell 54 percent to 25.2 million euros.

It just does not work.