The year 2015 did not bode well for Greece; this was evident with the debt crisis that threw the country into Chaos. It is interesting to note that despite the crisis taking center stage last 2015, trouble began brewing 5 years prior. This cam in the form of the country receiving a large multibillion dollar bailout that amounted to 240 billion euros, which was given by the International Monetary Fund, the European Central Bank, and the governments within the Eurozone. The purpose if this bailout was to pull Greece out from the depths of total collapse. Greece was able to pull through but it was not able to fully recover due to the gravity of its economic status.
The election of the Syriza party to come into power with Prime Minister Alexis Tsipras taking the wheel, brought the promise to lighten both the spending cuts and sternness, things did not go as plan and went downward really fast. The Greeks and the lenders couldn’t come to an agreement regarding the funding payment that was already impossible for Greece to pay. To make matters worse, the set deadline was June 30, 2015. Tsipras opted for an extension in order to give the Greeks a chance to vote on what to do. Unfortunately the European Central bank declined the suggestion.
So what happens when Greece runs out of money? Well, unlike personal bankruptcy Greece will not be required or forced to sell everything it owns or be taken over by another country.
Sadly, Greece also owes another 3.5 billion euros to the European Central bank. It is unclear if the country will ever be able to climb out of the crevasse of debt.