[steve86]

It is unfortunate you focus on one sliver of the big picture to the exclusion of more important issues. See other comments in the thread for edification.

[Cementjungle]

Yes, that was an oversimplification. But, the issue really is the Socialist mindset... many folks in Greece are adverse to paying taxes, so there's a large segment of the population that operates underground. These same folks however, do enjoy a relatively low retirement age and the government benefits that comes with that.

Trying to declare the previous bailout loans as somehow invalid because the lenders did creative things to get the money to lend you is just a cop out. They were lent REAL money, and regardless of where the money came from, it is rightfully owed back to the lenders.

You can't live forever on a continuous stream of new loans if you have no intention of living within your means and eventually working toward paying back the loans. At some point, the lenders will stop lending.