Since it gained its independence from the Ottoman Empire two centuries ago Greece has always lived beyond its means and has been a persistent defaulter on its debts.
It was therefore no surprise to any economist when the European Union refused point-blank to allow the country to join the euro when the new currency started in 1999.
But Helmut Kohl, to demonstrate post-unification Germans were good Europeans, had engineered the entry of Italy to the eurozone so the floodgates were in fact wide open.
Greek debts were known to be astronomic and its inflation out of control but it was waved in and immediately went on a mind-boggling spending spree which included the Olympics.
There is no chance this Club Med banana republic will mend its ways so Europe has the problem families face with a drug-addict who must in the end be shown the door.
John Cameron (DR)