> Greece/Italy/Spain/Portugual are destroying German and British wealth

Just wait and see what "destroying wealth" means.

England gave up on producing food during the Industrial Revolution, gave up on imperial colonialism after WWII and gave up on manufacturing after Thatcher. Now it is giving up on the services economy. It will be interesting to see what comes out of it.

Edit: Britain is not a paragon of fiscal responsibility. The only reason it hasn't been punished by the markets is because the markets are, to a great extent, in London. Things will change a lot.