Greece's problems are predominantly due to state debt, caused by:
1) State Fraud and Corruption:
"In early 2010, it was revealed that successive Greek governments had been found to have consistently and deliberately misreported the country's official economic statistics to keep within the monetary union guidelines."
2) Public Tax Evasion:
"Greece suffers from very high levels of tax evasion. In the last quarter of 2005, tax evasion reached 49%,[142] while in January 2006 it fell to 41.6%.[142] The Tax Justice Network has said that there are over €20 billion in Swiss bank accounts held by Greeks."
1) State Fraud and Corruption: "In early 2010, it was revealed that successive Greek governments had been found to have consistently and deliberately misreported the country's official economic statistics to keep within the monetary union guidelines."
2) Public Tax Evasion: "Greece suffers from very high levels of tax evasion. In the last quarter of 2005, tax evasion reached 49%,[142] while in January 2006 it fell to 41.6%.[142] The Tax Justice Network has said that there are over €20 billion in Swiss bank accounts held by Greeks."
http://en.wikipedia.org/wiki/Economy_of_Greece
My personal opinion is that I really don't see why the rest of Europe should bail the Greeks out. They should be booted out of the Euro.
> "The average Greek is working a full 40% longer than the average German" Amount of time worked != productivity.