I'm not giving excuses to why Greece has come to this state; this is a very long discussion but I don't think that the Greeks are the only one to blame.
Yes some of the things you mention are true but what's the cause of this? I mean why would an average Greek buy a Mercedes to show-off instead of invest these money to his business as western EU people would do? That's what I tried to (I guess very naively explain): This is a culture thing; it seems that the Greeks have a different mentality than the western Europeans, a mentality that is closer to the Middle Easterns.
Second, let me get this straight. Your point of reference is that the Greek social medium since at least the 60s discouraged saving, and you’re using this as an argument against this being a cultural impedance problem?