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Thanks for the reply. Another question if you don't mind.
Would Greece be 'kicked out' of the EU if they defaulted? Is this the reason their Government is for the austerity measures?
I don't think they risk being kicked out of the EU. The United Kingdom is part of the EU, but they don't use the Euro. But they would be kicked out of the Eurozone, which is mostly comprised of the countries that use the Euro.
http://en.wikipedia.org/wiki/Eurozone Here's a map: http://en.wikipedia.org/wiki/File:Euro_accession.svg
