Is whats happening in Greece a wake up call for the rest of the world?

Greece is in a position where it can no longer pay its bills because its pension obligations and civil service spending exceeds what it collects in Taxes. They borrowed to make up the shortfall and the debt has got worse and worse and has now imploded as financiers are no longer prepared to continue to lend unless they make some painful reforms.

Greece has imploded but just about every developed economy has this waiting to happen sooner or later. Is it time we addressed this issue of out of control spending and reigned it in? Is it time for us to end the debt cycle and save instead of borrowing?
Added (1). Clive,
Best answer by a long shot.
For decades we've been trying to spend our way out of debt under the belief that saving gets us more debt.
Indeed capitalist enteprises grow from borrowing but no bank should lend to a business unless its assets exceed or are equal to the loan. A good strong business should invest the profits so as it doesn't need to keep borrowing.

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