The Future of Greece and the European Union

The Greek people have said a resounding no to their creditors. So where does the country go now, to avert all-out economic collapse? There doesn't seem to be much light at the end of the tunnel. Greece owes the European Central Bank, International Monetary Fund and other lenders a reported €323bn (about $354bn). But the people and government of Greece have balked at the additional austerity measures they would have to adopt, in order to keep getting bailout money from their creditors. Yet those entities show no sign of backing off from their draconian demands. Is there any hope for a solution? On this episode, we speak with David Lea, senior analyst for Western Europe with Control Risks. He traces the history of Greece's economic woes, and speculates about what might happen if the nation leaves the eurozone (or is kicked out). He also explains how the situation in other ailing European economies, especially Spain, differs from that of Greece. And he confronts what is perhaps the ultimate question: Was the eurozone one huge mistake?