It is almost June 30 when Greece will have to come up with the Euros it needs to pay the debt collector. The amount owing, which Athens must pay by the end of the month, is 1.6 billion Euros. That is about $1.8 billion US. The financial aid Athens must collect to pay that steep amount will determine whether Greece will stay at least a bit longer amongst the prized group of 19 countries who use the Euro.
In order for Greece to secure more loans to be able to pay off its massive debt, it must make concessions of some sort. The problem is that no deal has been made yet as the terms are still up in the air. Potentially there will be a “Grexit,” as per talks in European capital cities. It is possible that Greece will be forced to give up the Euro at the month’s end.
What exactly will happen when the country loses the Euro is unknown. Greece may have to leave the EU, which it is currently a part of along with 27 other nations. If the Euro nations all agree that Greece will go, then a Grexit will happen, and Greece may have to leave the EU in order to part with the Euro.
At that point, banks would have to close. There would likely be limits laid by governments on how much money people can withdraw from their accounts as the banks would only have limited funds available. The public would be the last people notified of the break of Greece from the Euro.
The best case scenario is that Greece pays the debts by June 30. Otherwise, Greece may no longer have the Euro as its currency; it may go back to using the drachma or use an entirely new currency. The financial crisis, however, could have lasting effects on the country.