Due to its inability to pay its debts and a mutual desire to keep Greece in the eurozone, Greece has had to accept various external conditions from the EU regarding its budget and national economic policies in exchange for forbearance and additional capital.

FORBES: How Debt Limits A Country's Options

"To our mutual horror we gradually realised that the campaign had been been left with heavy debts and new invoices kept appearing unexpectedly, " writes Mr Hain.

BBC: Hain guilty of 'serious' failures