Greece was living beyond its means even before it joined the euro. After it adopted the single currency, public spending soared.When the global financial downturn hit - and Greece's hidden borrowings came to light - the country was ill-prepared to cope.
Greece's exit from eurozone has been a genuine possibility.Greek banks are shut and almost out of cash. And Prime Minister Alexis Tsipras has been given an ultimatum to produce cash-for-reform proposals.
The Greek side will continue the effort having as a strong weapon the verdict of the Greek people which was clear, the will of the overwhelming majority of the Greek people for a viable agreement that will put an end to this discussion, to which you just referred, once and for all, and will give a prospective of a definite end to the crisis.
Grexit would send shockwaves through the world's financial markets, but over the past few years the E.U. has taken steps to lower the contagion risk. Ironically, some are arguing that the E.U. should be most worried about Greece succeeding on the drachma.