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The total debt is 370.46 billion US dollars, which Greece owes to various countries and banks within Europe. Historically, silver coins were used as Greece currency, which were used as one of earliest mode of exchange (monetary units). Greek currency before Euro was drachma but as it entered the eurozone in 2001, it benefitted from the Euro’s strength. The Greek debt crisis is one of the biggest rescues of a bankrupt nation. At the height of crisis, the 19 countries in the Eurozone worried it may lead to disintegration and EU collapse. They wanted the country to privatize state-owned businesses in return where it was asked to reduce the debt to GDP ratio from 160 % to 120.5% by 2020 to handle the crisis.
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