The first documented case of Greek default was in the 4th century BC. Even in modern times, Greece has spent 90 out of its 196 years in financial crisis… let’s not forget that “chaos” is a Greek word.

4th century BC – 13 Greek city states borrowed from the Temple of Delos but most of the borrowers never made good on their loans and the temple suffered an 80% loss.

In the modern era, Greece has defaulted five times and has spent 90 years since gaining independence in 1821 in financial crisis (90 out of 196 years)

1826 – It comes as no surprise that Greek defaulted during the Greek War of Independence. On the upside, Greece won its freedom from the Ottoman Empire

1843 – Greece used funds from the Loan of 1832 on its military and to keep Otto, a Bavarian prince. The country stopped making payments in 1843.

1860 – Greece was kicked out of international markets following its default but re-entered in 1878.

1894 – Lenders were overeager and increased borrowing at unsustainable levels.

1932 – The Great Depression.