I have a lot of reservation for economists like Richard Wong. They are outdated and at times monarchical in their way of thinking. To them, Greece is a demonstration of the failure of democracy, as exemplified in Wong's article on SCMP Hong Kong, Greece in the same boat.
To me, I would rather say don't hold your breath for a Greek collapse, and don't underestimate their new finance minister Yanis Varoufakis. The problem of Greece is not completely a lack of financial discipline, but a collapse of the global shipping business (Greece's major industry), corruption, tax evasion of the rich, and the lack of policies geared for finding replacement industry after shipping.
A new party will accelerate the resolve of corruption and tax evasion, which were entrenched with the old party leaders. Yanis Varoufakis was the economist for PC game developer Valve and has a tech vision to bring up new industries in the country. Also, don't misunderstand some of the policies which seems welfare oriented such as free electricity, but in fact is an incentive for attracting new businesses such as data center.
Democracy at the surface seems chaotic, but it's the only least bad method that we've found so far to enable structural upgrade of an entity's economy in a comparably peaceful manner. Those who don't like democracy, the second choice is war. Go pick your option.
And for those who think that the China way is a revolutionary model for economic development, I would say don't hold your breath for their structural change to succeed. The China model is nothing more than a monarchical system in the disguise of communism. If they can succeed, the Qing Dynasty wouldn't have collapsed.
For Hong Kong, we better find our way to democracy before the upcoming China collapse. It will be ugly, needless to say.