By Con George-Kotzabasis
Simply put, the crisis is a result of past government over-spending on borrowed funds paid with exorbitant interest rates. A situation that could not be prolonged and would inevitably implode and cascade the country into bankruptcy. Greece therefore had to ask help from the European Union and the International Monetary Fund to save itself from absolute poverty. Thus came into existence the Memoranda, formulated by the EU and the IMF, prescribing how the country could get out of its dire economic straits.
It is a great fallacy to believe that the Memoranda are the cause of the continuation of the crisis. Certainly mistakes were made by the IMF and the EU, but they were not of such proportions as to sink the country deeper into the morass of the crisis. The main cause of its durability, was the refusal of both the governments of George Papandreou and of Tsipras, with the exception of the Samaras Government, to implement quickly and decisively the reforms and economic restructuring that would put the country on the track of economic recovery.