Greek here. The sufferings of Greece is first and foremost due to Greece's own faults and less due to the Euro. Greek pensioners had very generous pensions. T

Greek here. The sufferings of Greece is first and foremost due to Greece's own faults and less due to the Euro. Greek pensioners had very generous pensions. The Greek pension organizations had a deficit of around 10 billion euros each year, and the Greek state covered that through borrowing. In 2001, Giannitsis, then minister of the greek government, suggested a pension system reform, which was ferociously opposed by every part of the Greek society. Lots of people in Greece ended up getting pensions of around 1200-1300 euros (after taxes/insurance), which was extremely above what these people have given as insurance when they worked. The end result was the Greek deficit was getting larger and larger and therefore the Greek economy blew up. Had it been a different case, where the Greek governments made the necessary reforms, not only in the pension system but also in other sectors of the economy, Greece would never have this crisis.