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Grexit looms: Greece shouldn't have been part of Eurozone in first place

Jun 30, 2015    

In his wonderful book How to Speak Money British novelist John Lanchester defines Grexit as "the hypothetical exit of Greece from the Eurozone". This hypothetical situation may be soon upon us. The Eurozone consists of 19 European countries which use euro as their currency.By tomorrow (i.e. 30 June 2015) Greece needs to make a payment of 1.6 billion (or $1.1 billion) to the International Monetary Fund (IMF). Chances are the country may default. It does not have any money to repay loans.If Greece does not repay the IMF by tomorrow it will be declared to be in a default. It may also ha...

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