Greece should never had been allowed to join in the E.U. in the first place. Greek-style ponzi scheme was not going to last forever.
Even that represents a failure of the Greek gov’t. Atlanta hosted the games in ‘96, and did a little better than break even, and left behind considerable infrastructure improvements. The point being, it is possible to host the games and not lose your a**, but it takes real discipline of the sort the Greeks haven’t shown in some time.