I'm beginning to think this is a common global problem now finally compounding itself and collapsing under its own weight.
I'm not sure about many European countries, but in North America the problem has been known for a while:
High debt use + negative savings rate = spending beyond our means
When it gets out of hand, you see the debt machine stall. You can't get blood from a stone.
With globalization and people defaulting on loans and making late payments, the system begins to crack.
Our markets are so intertwined, virtually no one is spared.
I try not to think of these things so much. I try to think of my own situation, my own debt.