What lessons one can take from Greece financial crisis ? What are the reasons for Greek Economy collapse?

Lesson should be learned are : Proper Utilization of funds., Every citizen should adhered to their tax payments with due diligence and should not be lazy:-)

One should be very careful with UTILIZATION OF FUNDS .

Greece joined the Euro club in2001-02. As an European Union member, the Greek government borrowed money (loans) at very cheap interest rates to manage the country’s finances. From2001 to2008, it continued to get funding from EU, borrowing more than it reported publicly, meaning the country was running bigger deficits and racking up more debt.

During this period, the Greek government had mostly utilized these funds on public spending only

• Another reason for the Greek’s economic crisis is ‘Tax evasion’. A2012 study comparing Greek bank account data with government tax data found that the true income of the average Greek person was about92 percent higher than the income they reported to the government. Tax evasion accounted for half of Greece’s2008 deficit and a third of its2009 deficit. So, Greece’s budget management was bad and its tax evasion is a chronic problem.
• Another major reason for Greek’s financial crisis is ‘Single currency – The Euro’. If Greece was not part of the Eurozone (EU), it could have printed the currency notes 
• Greece’s social and political set up also needs to be blamed for the crisis. Greece has a very low productivity rate (though it has one of the longest working hours as a country). It has a very inefficient government. Corruption is very high. Greeks retire earlier compared to other countries. Too many people depend on the workforce to feed them, and there are too few people who work.