"Greece's dire situation is partly due to the high debt the country had at the start of the 2008 financial crisis. But it's also due to a severe depression that has dragged on since that time. The economic slump has reduced the size of the Greek economy by around 30 percent, which is a big part of the reason Greece's debt-to-GDP ratio has grown from 107 percent in 2008 to 177 percent today."
In contrast to popular belief, debt is not what caused the Greek crisis. The extreme recession raised the debt / GDP ratio, thus making the debt unsustainable. Global negative spotlight and austerity measures transformed a manageable problem, to the mess we have today.
http://www.vox.com/2015/7/5/8895937/greek-referendum-no-consequences
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