Greece actually was doing ok before the Euro even though they never produced anything of value. Tourism was basically enough. What they had, that they've now lost, is control of their own currency and sovereignty. And if you control your own currency, you can at least inflate your way out of some debt. At least you could do that, yes? And then - boom - your country just became a cheap tourist destination and cash starts flowing in.

Now, the Greeks don't even have that. They're basically a collective EU servant class. Portugal is in the same boat. Italy is not too much better.

That's your precious EU with a single-currency-under-German-control right there, Bud.

Have you a source for that? Would like to read up on that. I was always under the impression that Greece was already not that stable financial before entering the EU, and that they faked their economic data/audit with the help of a bank from the US to get into the EU (and EU politicans knowing about it but ignoring it).