Greek Debt Quotes
Greece, as a Euro member of the European Union, was able to borrow large amounts of money. However, most of it disappeared as the result of massive corruption and huge waste. The Greek government, to mask the facts, produced false economic reports to the European Union and other lenders. When this was discovered, no one was willing to lend money to Greece until there were major reforms.
Between corruption and mismanagement Greece's politicians had reduced the economy of Greece the one close to a third world nation but it had a population that was used to a living standard of a modern, developed, nation. The politicians had lied in order to meet the requirements of the Euro zone and the other countries had to spend billions to prevent the complete collapse of the Greek economy with its unpredictable consequences for the other nations.