It’s not a new story any more I hope I have written on this topic the maximum on my blog its huge series and contribution of the events one after the other. Why it is termed as a European Crisis ? Well going back to 2000 Euro a new currency was introduced to the European nations and the Germans love and affection for Deutsche Mark treated Euro as a stepfamily. They just forgot that the economy of Germany is export lead where as the other European economy are not so much competitive specially the PIIGS.  

When I was preparing the post some one tweeted that Greek immigration to Germany rose by 90% in 2011.

The present scenario could have been handled it was way back in 2008 when I posted for Europe is freezing, defrost needed . From there on the situation got worse and Greek officials defaulted when the credit default event occurred and Greece officially defaulted on its debt to private lenders.

Below are the series of post that can be put in prospective and it can be refered that the below posts indicates how big is the crisis why the contagion was allowed to spread.

We can infer a lot from the above. let us see now the present scenario if If Greece leaves the Euro, looks inevitable also termed as Greexit,what will happen?

Global catastrophe is on the cards, Greece will fall in no man’s land. Countries have defaulted , devalued or even withdrawn from a broader monetary union but Greece is deeply integrated into global financial markets. The exit will rushes out of Spanish and italian banks and these nervous nation fear the pre-euro currencies in their countries.

The imbalance of economic power between the core and the periphery but once one understands the non-economic and completely political strategy that is occurring, comprehending the at-times-incredible decision-making (or lack thereof) is at least easier to digest. Even if a Greek solution can be found Ireland and Portugal still remain week. I would like to conclude the above with a debate that I recently read travelling in a train and posting for the first time from the Samsung galaxy tab. “At the center of the debate lies the question of national sovereignty, the core and periphery of Europe will then have to decide how much (or how little) they are willing to compromise in order to find a way out of the crisis. The answer to this question will not be the result of an economic analysis – it will be the result of a political calculation.