1) It's unfortunate that governments like Greece and California tend to ignore their bloated enterprises and asset portfolios in good times -- essentially operating on auto-pilot -- only to scramble when conditions deteriorate. Privatization can and should be part of government's de-leveraging toolkits for sure, but a more structured and long-term approach is always preferable to the reactive, crisis-driven approach we're seeing today in Greece. 2) It's a good thing that Greek policymakers aren't managing our personal 401(k)s, because smart asset managers sell high and buy low. They divest themselves of assets and realign their portfolios as a regular, ongoing process in order to capture the maximum upside while hedging risk, as opposed to perpetually accumulating and hoarding their assets until market and fiscal conditions get so bad that there's no other choice but to sell in a down market.3) Another advantage of an ongoing, institutionalized de-leveraging approach is that it would afford policymakers time to do privatization right and ripen the assets before going to market. For example, no rational buyer would pay more for state-owned land encumbered by onerous regulations and policy restrictions than that same asset without such baggage. The more options for the new owner, the higher they'll value the asset. Hence, it's important to take the time to address those policy impediments to maximize the value of the assets, but it appears that Greek policymakers will not have the time or resources to be so forward-thinking. By trying to avoid the pain of streamlining government and offending public sector unions and big government apologists in the past when things were less dire, Greek policymakers have ensured that solutions will be even more painful now that the real bills have come due.