So finally the Greek Government has asked the IMF and the European Union to bail it out. Although there is some resistance on the part of Germany to pay for the sins of the Greeks but ultimately they will pay for the loans that the Greek government has asked for. But with fewer exports of its own and a debt larger than its GDP, how will Greece cope with this financial crisis is yet to be seen. Although it will be a long time till we see any improvement in the Greece financial situation if any, we will see how it will manage to put out of this dire situation.
I suspect that Greece will be able to pull out of this mess and it will create massive and unwanted hardship on the people of Greece which are not use to it and they will blame the international community especially the European Union and particularly the Germans for not bailing them out. Although it is premature to say this thing but ultimately the European Union with its Euro currency will be only used in countries with strong economies and Greece will not be one of them and there will be others to come so stay tuned.