Observer: Europe's south refuses to downsise

Interesting article (but not about property prices) but the telling thing for me was the observation on Greek behaviour post Euro...
But that, says Manos, is precisely where the problem began. Suddenly Greeks who had never borrowed in their lives went on a spree, buying summer homes, second cars and anything else that was perceived to improve lifestyles.
"After joining the euro they changed behaviourally. People who had always kept their money in the bank started spending and borrowing, putting refrigerators, cars, everything on credit cards," the former minister told the Observer. "And the state did the same without ever thinking how the hell it was going to pay the money back."