No answer to that
Greece is having a terrible time. At least one Greek thinks this is because "the people spend their time either devising ways to get government money or scheming to avoid the tax collectors — or, preferably, both". Another reason is that Greece joined the European Union "where countries share a currency but not financial policies" so the euro has become a millstone around her neck.
Unfortunately politicians across the EU preferred to ignore basic economic facts, or perhaps imagined they would face only teething problems as the EU grew up.
Idris Francis writes -
I spoke to UK Schools Secretary Ed Balls once at a fringe meeting, and he confirmed to me that he and Brown did indeed think it would be in our interest to join the euro "when economic conditions are right". Too late for that occasion I dreamed up this response:
"So economic conditions are not right at the moment?"
Answer: "Not at present."
"But they might change and become right in the future, and then we should join?"
Answer: "Yes, that's right."
"But if they can change, from wrong to right, they must also be able to change from right to wrong. So what happens when they become wrong again, but we are unable to leave?"
There is, of course, no answer to that.
In the case of Greece, who has angered the gods of the EU, teeth will be pulled; for Greece's sake it's to be hoped her whole head won't be pulled off.
What will happen to markets terrified by multiple defaults by the PIGS - Portugal, Italy, Greece and Spain - is anybody's guess.