> When these mismanaged governments finally throw in the towel and hand the reins over to grownups what happens is the pensions and retiree benefits get cut.

What makes it appropriate to cut obligations to creditors we call pensioners, but inappropriate to cut obligations to creditors we call 'bondholders'?

(The answer is, obviously, that our politicians are quite happy to push our elderly under the bus, in order to protect wealthy investors.)