Is Greece a Harbinger?

Could the recent events in Greece prove to be a harbinger for other countries that pursue grossly irresponsible and unsustainable spending paths?

Portugal and Spain seem to be at risk.

Where and when does it stop?

Key Phrases: 

Similar to the U.S. situation, the Euro Union bailout of Greece was really a bailout of European banks who are the primary creditors to the southern Euro countries.

Same as the U.S. -- privatize gains and socialize all of the risk with a combination of taxpayer money and inflation.