Alternately, it was caused by the Greek govt issuing bonds like candy based on fraudulent growth projections, who belatedly realised they couldn't inflate their

Alternately, it was caused by the Greek govt issuing bonds like candy based on fraudulent growth projections, who belatedly realised they couldn't inflate their way out of a corner as they (and everyone else in control of an unpegged currency do) used to - hence the drachma having about as much value as the paper it was printed on.