Yes taxation is the big issue there.Most Greek people (heard about 90 %) have their own house and those who have a lot of money left has put their money abroad .

These guys there are by corrupt policy become masters in having a black economy.I heard a gReek say about paying for water .Hey it's fall freely out of the sky why should we pay for it.They have also tax on using hugh ways like in France but a lot don't pay .They simply get out of their car and push the barrier upwards and drive on.

Now the government tries to collect the tax by using the electricty bill.They raised the bill.These are simple examples of how bad government works up there.It's not the Greek people are poor guys but instead of putting money into economy they backed it elswhere or in houses which is not a good thing.

Ones of Belgiums banks Dexia is in very trouble water now and they need to reform because they had to much exposure from Greece and other bad bonds.If you hear the reason why it has become so far you should be afraid to trust any big bank.They did trades with rented money some kind of short positions.I don't know the exposure from banks in the USA or Canada in Eurozone bonds specially those from Greece,Spain ,Portugal and Italy.If you see the impact from a country with a small economy compared to other Eurozone counytries like Greece then I'm wondering what's next could come out if shorters will point their arrows towards Italy.Saving Italy would trigger a major sell of and some banks wil collaps .As longh the Eurozone leaders don't take some kind of big actions that could trigger a big trust among the Eurozne countries traders could be afraid of risking to play the downside .There are to many items they can use to collect large amounts of money with option trading ,index trades ,warrants naked shorting etc.

The problem for many countries now compared to first crisis they running out of tools to do something.If they will restore their balance they need to save money and raise tax.So they simply have not much options left to save the banks .