In 2009, Greece's debt had reached 300 billion euro—the highest in modern history. With debt amounting to 113 percent of its GDP, Greece's rating was downgraded. Not only Greece but other highly indebted countries such as Ireland, Portugal, and Spain were under scrutiny. Since then, the EU's economy has gone into crisis. The EU and IMF agreed to bailout packages for Greece (110 billion euro), Ireland (85 billion euro), and Portugal (78 billion euro). In February 2011, Eurozone finance ministers set up a permanent bailout fund, called the European Stability Mechanism, worth about 500 billion euro. In mid-2011, talk abounded that Greece would be forced to be the first country leaving the Eurozone although this speculation was denied. The EU's private sector shrank for the first time in two years;

the euro continued to fall against the U.S. dollar; and the euro was seen as a “burning building with no exits.” Some economists and politicians have forecast the demise of the euro. The Greek crisis has exposed fault lines in the single currency project. Do you think the advantages of the single currency decision outweigh the disadvantages to the area's economy? Why or why not? What are your suggestions to overcome crises such as those experienced by the Eurozone.