Is the financial crisis in Europe due to high social benefits they can't afford?

Is the financial crisis in Europe due to high social benefits they can't afford?
Not at all - the current crisis is based around Greece's poor system of debt management, masking and hiding their deficit and debt levels.

Imagine an individual who is living well above their means. It doesn't matter what they are actually spending it on, no one single service/product is responsible. This is what happened to Greece, it has lived above its means for so long, it is finding itself unable to pay its debts. So it is asking for a bailout.

The problem with debt relief, is that one person's debt is another person's assets, and it is the banks of other countries who 'own' some of that debt. So debt relief is, in essence, confiscating assets from people who have little to do with the crisis in the first place. Like a house of cards though, the structure is carefully balanced, and the loss of one card can bring the whole system down.