Nothing to do with the greedy, Greece had socialist government who overspent the money that was showered on them by the EU on public services, 4 teachers to a classroom and all sorts of things they could not sustain instead of building up their economy with job creating industry or tourism, they just expanded the public sector beyond all logic.
One day the money ran out, and now the Greeks are paying the price of left wing naivety, the Greeks did not worry about raising taxes but thought there would be a never-ending flow of cash from Brussels to pay for it all.
You have to be able to generate cash before you can spend it and they didn't!
Sorry bun but it is the truth, if you don't produce anything there is simply no money and eventually the supply shrinks which is exactly what happened in this case, there is far more austerity having to be enacted now all across Europe with rioting in Greece, Spain and Italy than there is here because just dishing out state jobs and state money has to be controlled, people spend their money on Chinese imports, there is no money filtering back from there unless your exports equal your imports and they don't so China swallows up the money and the government is left borrowing to pay the bills.
Now look at the mess we're all in, it was going that way here and right across Europe, even the German economy is flat lining now!
The banks lent recklessly that is true, but we should have learned from the Japanese, their housing bubble burst 15 years ago because properties were overpriced. The same in Uk and America which is where many of those sub-prime loans originated from. While house prices remained stable the banks had collateral against the loans but when so many defaulted at once there was a flood of houses on the market with no buyers, therefore the collateral was worth nothing, the price of houses dropped through the floor, meanwhile it was an RBS branch in the USA purchased by Fred the Shred who were responsible for packaging up those bad loans and selling them on to other banks and contaminating the whole banking system.
What looked like a can't go wrong situation went totally down the pan!