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22 September 2011 Last updated at 20:54 ET
Greece's debt crisis odyssey
Greece and its lenders are locked in discussion. The "Troika" of lenders - the European Union, International Monetary Fund and Euro Greece must take more painful steps to cut its borrowing. But Greece faces riots and mass protests on the streets of Athens. The govern parliament - only 155 of 300 MPs backed the last round of austerity in June. At stake is the next 8bn euro tranche of bailout money, whic needs to avoid total crisis. Starting from the top, follow the decision tree to decide what happens next.
Does Greece meet the Troika's austerity demands? YES or NO
Recession deepens: Greece has to cut its borrowing to a target set by the Troika. But austerity deepens Greece's recession. Along with mass tax evasion and strikes by tax collectors, this has already made Greece overshoot its target twice.
Impasse: Greece has failed to deliver promised Troika has threatened to stop releasing bailout lo cash, Greece faces a crisis.
Does Greece miss its borrowing target again? NO YES
Greece has a funding shortfall: Despite the austerity, Greece still needs more cash. The Troika can lend it, or else Greece has to make more cuts.
Does the Troika release the bailout mon YES NO
Greece has a cash crisis: have enough money to pay for p must choose which payments to
Should the Troika...
demand more austerity? or give another bailout?
Does Greece stop repaying YES
Banking crisis: Default leaves Greek banks bust and risks a Europe-wide banking crisis.
Austerity succeeds: After years of painful cuts Greece does not need to borrow any more to fund government spending. But Greece still has huge debts to repay.
The Troika blinked: Greece has won the stand-off. The Troika is evidently too afraid of the consequences to let Greece go bust.
Does Greece renegotiate its debts? YES NO
Does Greece continue with austerity? YES or NO
Does the Troika bail Greece out? YES or NO
But Italy and other high-debt countries may copy Greek tactics. meaning they must be nationalised.may find it much more expensive to borrow. This is likely to cause massive civil unrest and a collapse of the government. Read more. Feedback: Send us your views on the way this feature is presented.which is now seen as on the hook for bailing out the entire eurozone . Germany . the government probably has to pass even more growthsapping austerity to cover the cost of its debt repayments. NO PYRRHIC VICTORY Greece forces its lenders to write off most of its debts. MORAL HAZARD Greece has its lenders over a barrel. earning kudos with the Greek public. The CIA has warned of a possible military coup. . More Business stories IMF promises support for economy [/news/business-15049780] The IMF says it will take decisive action to tackle the eurozone debt crisis and review the resources available to it to support countries. . POLITICAL TURMOIL The Greek economy may face total collapse.Greek banks collapse. In addition. Greece still may face years of low growth as its economy is uncompetitive inside the euro. with banks closed and the government unable to pay for basic public services. Greece has already seen rioting and the takeover of government offices. the government still can not pay all its bills. which probably bankrupts the Greek banks (its biggest lenders). DEPRESSION Greece may face years of grindingly low growth as its economy is uncompetitive inside the euro. and may consider leaving the euro. UBS boss quits over trader's loss [/news/business-15046385] Leaders call for euro debt action [/news/business-15048705] BBC © 2011 The BBC is not responsible for the content of external sites. and allowing it to slow down painful austerity. Even after halting debt repayments.