The European sovereign debt crisis: a debt crisis and a sovereignty crisis

Abstract: With the eruption of the sovereign debt crisis, a huge threat and disaster had been brought to the European Union, the member states and the entire euro zone. The ongoing financial crisis has made it very difficult or even impossible for some member states within the euro zone to re-finance the government debt without the third party’s assistance. Greece being one of those states is experiencing the biggest economic threaten in the national history. In order to ‘save the country’, the Greek government signed series of agreements, memorandums with the other members states and organizations. The result is promising for it prevented Greece from a sovereign default. It seems that everything goes the way that Greece wants. But in order to receive the money, what is the price for the Greek government to pay? Is it truly as beautiful as it looks?