In 1981, Greece had just restored democracy, ending the rule by military junta. 1981 was also historic for Greece as it became the tenth member of the European Community, today the EU. Since then, 18 other countries have joined the bloc.
Thirty-four years later, and many stages of the continental integration project later,
including efforts to weather a major economic and financial crisis, a Greek leader comes along to give the dream perhaps its biggest fright of all — rocking the boat like no one ever has.
Greece is considered one of the developed countries. A developed country has never defaulted on its sovereign debt. The magnitude of uncertainty over what the result of that might be now has some authorities and experts hesitating over what to call this, others not.
Jeroen Dijsselbloem Eurogroup Chief said: “I am just stating the facts: the facts are that the programme will expire tonight, and Greece… My information is that they will be in default tomorrow.”
Market analyst Jaspe
