While Greece may be defaulting on its debts, this isn’t the first time and might not be the last.

BONUS FACTGreece's annual production of olive oil weighs as much as 1,575 blue whales.

With a history of not paying debts and protesting austerity measures, Greek financial troubles are likely to continue.

Sources: http://edition.cnn.com/2015/07/06/europe/greece-how-did-we-get-here | http://www.businessinsider.com/mind-blowing-facts-about-greece-economy-2015-6Securities offered through WFG Investments, Inc., Member FINRA & SIPC. Investment advisory services offered through WFG Advisors, LP.

At the end of June, Greece defaulted on a repayment to the International Monetary Fund.

WHY IT HAPPENED

2001

2002

2004

August

2004 The budget deficit was not 1.5%, as reported, but 8.3% -- five and a half times higher than thought.

Two years later, a new government came to power and discovered something

February

2012

February

2015

June

2015

Bogus figures hid the true extent of its deficit

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

Greece adopted the Euro

The Olympics were held in

Greece

The Greek government concealed relevant figures.

2008

In 2008, the country's tax collection, such as it was, collapsed. The hole in the budget grew too big to hide. Other Eurozone countries helped.

Greece was hit far harder than many

other countries

Borrowing new money to pay old

debts

Hence thecurrent crisis

2008-2009

2008

The other Eurozone countries, in the form of the so-called troika -- the European Commission, the European Central Bank and the International Monetary Fund -- stepped in to prop up the patient.

International lenders rescued Greece

Bailout ledto layoffs

Relations between representatives of the international lenders and Greek Prime Minister, Alex Tsipras and his finance minister, Yanis Varoufakis, were poor – hampering negotiations.

But the country ran out of money again

Greece has a history of financial troubles

WHY IT COULD HAPPEN AGAIN

49.7%

63.5%

Greece is almost five times the size of Massachusetts, but Massachusetts' GDP is twice that of Greece.

Greece has spent a combined 90 years, almost half of the time since its independence, in financial crisis.

of Greece’s young active population is unemployed.

Corruption costs Greece about 8% – 10% of GDP per year.

of Greeks between ages 18 – 34 live at home with their parents.

Protests grew and the government accepted another bailout loan. A new austerity plan was agreed upon.

The government had to improve its tax collection and save money in an effort to bring its budget into balance. Unemployment rose, depressing government tax revenues.

Greece cooked its books & hid its economic problems from other Eurozone Members. This would prove staggering.

The country’s first default occurred way back in the fourth century B.C.