Greece has been struggling hard to meet the requirements needed to be a member in the Eurozone. Moreover, following the 2008 financial crisis in the US, Greece’s economy got smaller by 25% since 2009. Germany, France, Italy and Spain are the most important economies accounting for most of the Union’s GDP.
Greece’s bailout extension expires in May this year and its inclination towards the members of BRICS seems inevitable. For long, Greece’s economy has been bringing troubling news to the Eurozone. The EU members have time and again tried their best to keep Greece in the common currency zone but bailouts and downgrading has got the worse out of Greece. However, the debt crisis in Greece seems to only deepen and has taken a different turn with some new developments in the Greece’s strategy – mostly captured in the statements of Greek Defense minister, Panos Kammenos.