In Greece you are seeing the convergence of the consequences of many economic issues that were mishandled, badly, by the EU and by successive Greek governments.
Greece should never have been allowed to join the euro in the first place - the rules had to be amended in order for them to join. Successive governments from both the right and left of the political spectrum have borrowed far more than they should. They have been lax and negligent in tax collection.
To the list of those culpable, you can add the EU themselves - so eager for enlargement and the success of a common currency that they were willing to look the other way, and far too willing to advance money to Greece. And I have some sympathy for those who claim it was in the national self interest of Germany and their exports.
This same charge can be levelled at domestic private investors, international banks, and the IMF -all far too willing to lend money, at eye-watering rates, through sheer greed, knowing that much of their risk was underwritten through the EU desire to protect the euro.
I really cannot understand how Greece, despite the self-professed desire of the population to stay in the Euro, can remain. The austerity measures required to support that membership are viciously painful, and will scar generations. It will cost the various taxpayers within the eurozones billions to support their continuing membership, and the only people making profits will be the banks, who are effectively having their loans underwritten by the EU.
Everyone keeps saying that for Greece to revert to the Drachma would be even worse, but I do not understand how it could be...