Bankrupts of the world

After Iceland went bust and Ireland lost most of its luster, Latvia is on the way to the poorhouse. Reason? Jolly life on credit! You know, vacations in Thailand, deluge of flat-screen TVs and iPods, backyard swans fed with Astrakhan caviar… All paid for with a piece of plastic (@ 25% APR, of course...) In other words, the good ole' syndrome of living way (waaaaaaaaaaaaaaaaay!) beyond their means.