What caused the european debt crisis (specifically in greece)?

is it an immigration problem or corruption or what?|||The hydra-like bureaucratic system of the government and the heavenly socialism which was on offer to every true Greek.



The life in Greece before the crisis was like one beautiful dream. No government can give so much (short of Sultanate of Brunei or Kuwait)....only if they have never-ending and enormous commodities potential.|||The French. And the Germans and the Greeks.





The French are said to have insisted on Germany joining in with the 'Euro' project as a condition for agreeing to the unification of Germany. The resulting Euro currency was in fact, a sort of re-branded DM, and the interest rates across the Eurozone were set to benefit countries like Germany and the Netherlands.





They did not suit the countries in Southern Europe, but this did not worry the Greeks, who now found they could borrow against assets valued in a currency which - on the face of it - appeared very solid. This was a bit like giving a small girl with a compulsive spending problem a gold credit card, and after some years it began to be noticed that they were going to have difficulty keeping up the interest payments on their loans...





So Greek debt became more expensive to sell, and they had to offer higher bond rates and some people wouldn't even touch them.





[Spoiler alert:]





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And then one day, the Greeks defaulted and all their banks were declared bankrupt and the ATM machines locked overnight, and the government nationalised them all and introduced a New Drachma, which fell in value by 60% overnight, and the Greeks rioted because they had lost every penny they had in the banks and they were all out of work, so the government declared a state of emergency and the Army went onto the streets to maintain order and the Colonels ran things from then on.





~ next weeks installment.|||No regulation of banks. Loans were given away practically when the people could not repay, so banks lost money, eventually too much and crashed and where is everyone's money and the government's money? Banks so we all crashed. Basically comes down to greed and hunger for money.