At Business Insider (an app I read every day) I found this great and interesting take on the events in Greece.
Basically the article says that
1. The Greeks don’t pay taxes (tax evasion is chronically high)
2. The Greeks don’t keep their money within Greece (they move it to havens both to protect it from taxation and to earn higher returns)
3. The Greeks don’t invest in their own governmental debt (it is Euro-zone and international entities)
The article compares Greece with Japan – while Japan has much higher levels of debt, the Japanese debt is funded by Japanese individuals, companies and government entities and they have only 5% of their debt in the hands of outsiders.
I never thought about the issues in this manner but it makes sense; the Greek people “know” that it will turn out badly if they trust their poorly run and corrupt government and make their own individual decisions about how to hold their money. Why would other countries and investors “invest” in a government that their own people have no faith in (when it comes to “putting your money where your mouth is”, so to speak).