Couple of things
1) Greece is a popular whipping boy right now, lots of blame going to the people - But the question it always comes back to for me, is did they know what they were doing? Were they informed what would transpire as a result? I think the answer generally speaking is "No" - So how can you lie to someone all their lives, mis-educate them, and then be surprised when they act on that information and make poor choices? This is a situation that is repeating and playing out all over the world, people have been lied to their entire lives not just about details but about fundamental facts of how the world works. The bill is due, and nobody has the $$ to pay it so they just keep doubling down rather than let the game end.
The should have declared bankruptcy years ago, when the problem was a mere 50 billion shortfall. Compare that to now, after two years of austerity and multiple bailouts, the tab for just this latest bailout is up to 120 billion.... Are the people benefiting from this? Did they gain anything, or see any sort of advantage as a result of these austerity measures? No.
I'm very much not in favor of socialism as a governing principle, I think it encourages non-productive behavior by taking the onus of providing for ones-self off of ones-self and putting it onto the backs of the few who remain motivated (at first) despite the lack of incentives. It's why the pie has to keep getting bigger, since everybody gets the same sized slice, eventually nobody bothers to make it!
This doesn't specifically deal with the greece situation, but it's relevant and worth watching - Dmitry Orlov's recent talk "Twilight of the Antipodes"
Things don't have to be the way the are, but you can only "know" that once you understand that it hasn't always been this way. Perspective is important, and getting more important every day.
Thanks for the comments, keep 'em coming.