3 - Why were the markets unprepared for the crisis?

Everythings that happen is unexpected and the Greece government want to hide the problems.

Greece adopts the euro

Greece approves the euro in 2001, becoming among the first wave of countries to adopt the new multinational currency.

2001: Greece became the 12th -- and last -- country to join the eurozone before the launch of the euro at the beginning of 2002.

To join, a country had to demonstrate it had achieved "economic convergence" with the other eurozone members -- a requirement meant to ensure that different countries would not jeopardize the common currency.

When Greece was accepted, Finance Minister Yannos Papantoniou described it as a day that would place Greece firmly at the heart of Europe.

But warnings were sounded. The president of the European Central Bank, Wim Duisenberg, said Greece had much to do in terms of improving its economy and controlling inflation.

... but bogus figures hide the true extent of its deficit.

Greek Finance Minister Evangelos Venizelos announces in 2011 his country would miss its deficit targets.

2002: Everyone now agrees that Greece cooked its books.

One of the economic convergence requirements was that a country not have a budget deficit of more than 3% of its gross domestic product.

It was a requirement imposed on all countries, but one not followed over the years by all eurozone countries -- not even that advocate of strict discipline, Germany.

Yet the extent to which Greece hid its economic problems from fellow eurozone members would prove staggering.

March 2004: New government discovers the true figures that the budget deficit was not 1.5%, as reported, but 8.3% -- 5½ times higher than thought but says nothing as the Olympics approach.

The government decided to say nothing as the Olympics approach.

Then the global financial crisis hits and Greece is slammed harder than many other countries.

Melvin, D. (2015, July 13). Between rock, hard place, Greece picks austerity. How did it get into this mess? Retrieved from https://edition.cnn.com/2015/07/13/europe/how-greece-reached-this-point/index.html