An historical perspective and a look at what is owed, to whom and when provides insight about the culture and complexities of Greek sovereign debt.
Our everyday economics includes foreign exchange, human capital, economic growth, GDP, inflation, unemployment, monetary policy, tradeoffs and deleveraging.
With excessive sovereign debt and bailout problems, Greece may have to switch to a new drachma and endure financial turmoil at home and in the eurozone.
People and nations might perpetuate a bad investment because they look back at their past sunk costs. Instead they should compare future cost and benefit.