Beware of Greeks Bearing Bonds (Michael Lewis)

I found this to be a very interesting article, but doesn't this describe life in 3rd world countries everywhere? Why is it so shocking simply because it happened in Europe?

"It behaves as a collection of atomized particles, each of which has grown accustomed to pursuing its own interest at the expense of the common good"

This is, unfortunately, a rational survival strategy in a 3rd world country.