I heard the situation explained as Italy and Greece had systemic spending/borrowing issues before joining the Euro zone. Everyone knew this and thought once th

I heard the situation explained as Italy and Greece had systemic spending/borrowing issues before joining the Euro zone. Everyone knew this and thought once those countries no longer had their own currencies they would shape up. Unfortunately, the opposite happened and these nations started borrowing more thanks to their new found access to cheap money Germany and France's economies basically subsidized the borrowing. Rather than cutting back on benefits, slimming corporate and government budgets, ending nepotism hires and enforcing sane tax policies, Italy and Greece just continued their lifestyles all while issuing more and more Euro backed debt. Now the party ends.