- Greece has struggled with high debt, deficits, and unemployment for decades due to unproductive spending and weak economic growth. Joining the Euro made its debt situation worse by giving it access to cheap borrowing. - Multiple bailouts totaling over $300 billion have failed to solve Greece's debt crisis as austerity measures have further contracted the economy. A new left-wing government was elected opposing austerity. - Greece may now exit the Euro and return to its old currency, the Drachma, creating uncertainty and potential spillover effects on other heavily indebted European nations and banks with Greek debt exposures.