The Eurozone Crisis and a Possible Greek Exit

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Greek elections are scheduled for June 17, less a month from today. At stake, in part, is the country’s continued participation in the eurozone. A Greek exit from the euro — which some are calling the "Grexit" — could have dramatic international consequences. Earlier this week, Greek President Karolos Papoulias heightened fears when he revealed that 700 million euros had been taken out of Greek banks in the past week.

At a joint news conference on Tuesday, Merkel and Hollande said they hoped Greece stayed a part of the euro. But with Greece under an emergency government headed by a judge, and the head of the Greek Central Bank warning of a panic, it’s not clear the Greek people agree. Polls show that increasingly, voters are favoring the hard-left Syriza party, which promised to get rid of austerity measures and the bailout agreements.

Shedding some light on the continuing crisis is Timothy Garton Ash, a professor of European Studies at Oxford and a commentator for the Guardian Newspaper.