The saga of the Greek public finances continues. But this time, Greece is not the only country that suffers from doubts about the sustainability of its fiscal position. Quite the contrary. The public finances of most countries in the Eurozone are in a worse state today than at any time since the industrial revolution, except for wartime episodes and their immediate aftermaths. And the problems are not confined even to the Eurozone, but extend to other EU member states, like the UK and Hungary, and to Japan and the US. This essay explains how and why this situation came about and how it is likely to evolve during the rest of this decade.