Aaron Tornell & Frank Westermann solve this mystery on why Greece current account deficits never corrected. In previous crisis economies, their current account deficits were reduced sharply as currency weakened leading to higher exports and there was no capital flow from other economies forcing countries to balance their account.
In Greece case we know currency cannot weaken but that is just one part of the story. What is even more interesting is how Greece continues to get capital from Eurosystem central banks. So there is no real pressure to make adjustments as well: