Origin of Greece's economic failure - who to blame, when did it start, how did it happen

Greece avoided defaulting on its debt Thursday paying the European Central Bank with money it received from other Eurozone countries. While it's prime minister, Alexis Tsipras called for a snap election on September 20.

There are a lot of things going on the Greek financial crisis. It has gone so far that its origin could almost be untraceable. With Greece having a bloated public sector riddled with corruption and it not disclosing the real amount of debt it has to the rest of Europe, the blame is pinned on them.

Germany and France, both with great ambitions to create a United States of Europe when it comes to economy, according to Washington Post, should also share the blame. When Greek joined the Euro back on 2002, it can borrow money at a very cheap rate from Germany and France. Eventually they over-borrowed, significantly. During those times, Greece's yearly economic growth per person is at a high 3.8 percent, making lenders and other countries confident. The booming economy, not just in Greece, but also in other European countries like Ireland and Spain lead to increase in prices, worker wages, and export products became more expensive.

According to The New York Times, in 2008, the Wall Street imploded, leading to Europe's debt crisis. This revealed the real staggering amount of Greece's debt. By October 2009, Greece announced that it has underestimated the magnitude of its deficit. Most were alarmed for the country's finances. By 2010, the country was shut pout from borrowing in the financial markets. Greece was headed to bankruptcy, which could lead to another financial crisis.

Greece was forced to seek help from Eurozone governments and the International Monetary Fund in 2010. To prevent calamity, the IMF, the European Central Bank, and the European Commission issued two bailouts for Greece for a total of 240 billion euros.

But a lot believe that euro zone itself is flawed, since countries have the same currency, but the tax-and-spending policies between these nations vary greatly.