Mismanagement. The following are some of the things that contribute to their current crises – My opinin.
Outrageous pension system. Too many government employees. People can retire at the age of 50 with 95% of their last pay drawn as monthly pension.
No proper system to collect income tax. More than 80% of the people do not bother to pay income tax. Government does nothing about it.
Most of the retail sales are in cash. Therefore, very few sales tax amount is collected.
Concession for needy and poor are exploited. For example, there are special discounts for blind people. Many citizens, including taxi drivers, have a certificate that they are blind.
People ignore toll taxes. The employees who are employed to collect them do not bother to collect.
The government borrows money they cannot pay back.
Borrow more money in order to pay that loan back.
They are in the European Union and use Euro as their currency. Therefore, they cannot print money to meet their expenses. (Printing too much money will lead to inflation and the money will become useless and no value.)
Laid back Mediterranean culture.