Everything seemed fine until end 2009. Few people talked about it. The debt was there. The deficits known. But Greece was still able to issue more debt. Until January 2010. S&P woke up first (BBB- is the lowest investment-grade rating; below means “junk”):

Source: FT MoneySupply Blog

Luckily the country is run by trustworthy politicians who know what they are doing:

Source: Associated Press, 11 Feb 2010