Well, with the world's economy still feeling the effects of the economic downturn, all is not well in the eurozone. Greece, Spain and Portugal are all struggling to pay their debts, posing the biggest threat to the single currency since the euro's introduction.
Now, all eyes today are on Greece's woes with the country's deficit at 12.7%, more than four times higher than eurozone rules allow. The markets remain sceptical that Greece will be able to pay its debts currently approaching 300 billion euros, but like the banks the country can't be allowed to fail. And all this is going on against the backdrop of national strikes at home over emergency taxes and massive spending cuts.
So what are the options? Well, in theory the euro could be devalued or Greece could abandon the currency altogether. Realistically though, its wealthier neighbours including Germany and France are likely to bail it out with a joint loan.
Glossary [only for reference]
downturn [countable usually singular]: a period or process in which business activity, production etc is reduced and conditions become worse
eurozone: officially the euro area, is an economic and monetary union (EMU) of 16 European Union (EU) member states which have adopted the euro currency as their sole legal tender.
introduction [uncountable]: the act of bringing something into use for the first time
woes [plural]: formal, the problems and troubles affecting someone
sceptical: tending to disagree with what other people tell you
backdrop [countable]: the conditions or situation in which something happens
devalue [intransitive and transitive]: to reduce the value of one country's money when it is exchanged for another country's money
realistically: if you think about something realistically, you think about it in a practical way and according to what is actually possible
bail somebody/something out: to do something to help someone out of trouble, especially financial problems
joint [only before noun]: involving two or more people or groups, or owned or shared by them
