European Union is now walking through major economic setbacks with the crisis set up in Greece.The crisis have been ignited long back where then the EU had decided that Greece must rectify its economic situation on its own without any external intervention but now that the crisis has been reached to its peak and has started spilling out in other eurozone ,the EU and IMF has finally agreed for a bail out of 110 billion euro (80 billion euro from EU and 30 billion euro from IMF).

Would it have been helpful for greece to get back to its previous currency drachma  to hept it surface this debt out .Some of the economists feels it for good on the other hand others have a different angle to it as this again means getting to division in EuropeanUnion as it could lead to a escape hole for all 16 nations involved here to sneak back when crisis evolves .. this would create lack of confidence in foreign investors in these lands as well endanger the EU integration.

Why has the country reached to such poor conditions . As projected always the curruptions in the top level, the balance sheet of expenditure over crossing the income.The productivity being at low mark.The situation could be compared to a normal family at the basis level.When one can not afford for one hundred thousand euros house and spends all the income on it , obviously the members in the family will end up suffering for the daily bread with the amounted debt.

Now the government has planned to take up drastic measures by cutting down the pensions , salary cuts of the normal employees and many more. The pitiable scenario here is the salaried workers end up paying for the crisis involved.Greece will be eyed upon and must submit its status quo every three months to the Eurostat.

So now that that whole of the Eurozone has been largely affected by the greece crisis … seems it would take span of good time to recover.

Let us wait and see !!