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User:CatlinWideman811

CatlinWideman811 — Sat, 12 May 2012 23:44:24 GMT

CatlinWideman811: Created page with 'A "drachma" is an ancient Greek currency unit and translates as a "handful", which is a lot less than what Greece will need to pay off all its debts. For two years, everyone has…'

A "drachma" is an ancient Greek currency unit and translates as a "handful", which is a lot less than what Greece will need to pay off all its debts.

For two years, everyone has been asking what would happen if Greece left the euro and went back to the drachma.

Now that time may be upon us.

With Greece unable to devalue its currency, the country is hobbled with crippling debt payments it cannot afford.

Even though it has cut its debt in half, Greece has been subject to much social unrest as five years of recession and bailout-imposed spending cuts have bitten hard.

Last week, a majority of Greeks voted for parties that want to rip up the country's bailout agreement with the European Union and International Monetary Fund (IMF) - including neo-Nazis.

The biggest winner was the leftist anti-bailout coalition, Syriza, whose share of the vote more than tripled and who describe the austerity imposed by the bailout as "barbaric".

Syriza is among those holding talks about forming a government, one that rejects policies of austerity, and if it comes to pass, a Syriza-led government will definitely not adhere to the terms of the bailout.

So how would Greece leave the euro?

CatlinWideman811

CatlinWideman811 — Sat, 12 May 2012 23:44:19 GMT