Last weekend, Greece failed to reach an agreement with its three creditors, the European Commission, the European Central Bank, and the International Monetary Fund.
A bankruptcy of the Hellenic Republic is now imminent. If it materializes, a so-called Grexit will follow: Greece will be forced to leave the Eurozone -- the group of 19 European Union (EU) member states that use the euro as their common currency. Leaving the Eurozone automatically means that, under the EU treaties, Greece will also have to leave the EU.
Grexit is likely to lead to economic and political turmoil in Greece, a hugely important strategic country, which borders on an increasingly unstable part of the world. Greece lies on the Mediterranean, fewer than 350 kilometers to the north of the Libyan coastal town of Derna, a stronghold of the Islamic terrorists of ISIS.
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