" profligacy "

 [ "profligacy" ]

1: Having a characteristic of whimsical spending, without paying regard to economy.

  * e.g.,  ... Gray Davis' profligacy once-thriving state of California into the ground 

 [ "profligacy" ]

1: –noun

  * e.g.,  ... (E1) At the 2/11/10 summit, the European Union finance ministers considered how to help Greece avoid defaulting on their debts, given its recent financial crisis, and a clear-cut solution was not yet found. 

 [ "profligacy" ]

2: a) shameless dissoluteness.

  * e.g.,  ... Economist magazine mentions, 

 [ "profligacy" ]

3:  reckless extravagance.

  * e.g.,  ... ". . .only the basic elements of a possible backstop for Greece had emerged. Pride is at stake, so it will be a 'European solution', with the IMF limited to an advisory role. It will be a joint effort led by France and a somewhat reluctant Germany, the country with the deepest pockets. Berlin frets that a rescue will only encourage further profligacy." 

 [ "profligacy" ]

4:  great abundance. b) license source: dictionary.com

  * e.g.,  ... source: 2/11/10 issue Economist magazine =====