Frittered away? In a way. The Greeks don't pay taxes, so the money went on running the country.
So basically they wanted a standard of living paid for by the taxpayers in the rest of the EU.
They owe the most to Germany. I think the next highest is France. They owe us too. If a person gets in debt, no one wants to lend more if they cannot make repayments.
The frightening thing is we were close...again...to being where Greece is, and it is only a policy of cutting spending that kept the lenders prepared to keep lending to us, when there was no money left.