Greece was in this condition of collapse

and bankruptcy owing to its excessive liberal measures of pensions, taxes and bureaucracy. After the bloody turmoil with Cyprus and Turkey in 1974, the country got too easy for its people. Greeks did not pay taxes while excessive money was being spent on infrastructure and services. On the top of this, the laws are obsolete, unsustainable and against the ones followed by developed European nations. 80% of the public expenditure goes to wages and salaries of government servants who constitute the majority population. The retirement age is low there; public sector doesn’t accept degrees from private institutions which is consequential in huge brain drain. Waste management, power generation, tourism department is all monopolistic and hinders asset creation or inflow of money into the economy.