Without any benefit for the country

Greece in 1858

From the FAZ, here in translation:

The French writer Edmond About noted the following about the Greek situation, back in 1858:

"Greece is the only know example of a country that is insolvent since it came into existence. If France or England would find themselves in a comparable situation for only one year, they would face catastrophy. But Greece ... Greece is at peace with its insolvency since 20 years [Modern Greece was established in 1830]. All Greek budgets, from the first through the last, show a deficit.

If a civilized county fails to cover its expenditures by receipts, it proceeds to borrow money internally, from its own people. The Greek government never tried to do that, and for a good reason --- it would have failed. The protecting powers of Greece [Great Britain, among others] had to guarantee the solvency of Greece so that it could borrow in the international markets.

 Subsequently, the money raised is squandered by the government without any benefit for the country, and the protecting powers have to cover the interest payments themselves. Greece cannot pay."