That's partially true, which doesn't change a fact that they got themselves into that mess, Greece was the 2nd world country trying to live like the rich for borrowed money. They had it coming. Instead of joining the Euro zone in 2000, organizing Olympics etc. they should have kept the local currency, cut the labor costs, compete with the ex-commie states (as that was their league) for foreign investments and then gradually build up the real economy as the foundation of future prosperity. They tried to have it all the easy way thinking they would outsmart the wolves... well they didn't and they won't...
The EU is doomed to fail regardless. The debate is now one of politics.