Drachmas, debt and Dionysius.
The article examines the economic history of Greece in light of its troubled financial situation in 2011. The author explains Greece's defaults on loans and debts, slow process of economic modernization and industrialization, and relationship with multinational companies. Problems associated with replacing Greece's currency, the drachma, with the euro in modern times are also detailed in order to highlight the error made by the European Union in forming a monetary union with Greece. The more recent financial situation is connected to that created by Dionysius the Elder, ruler of the Greek city state of Syracuse.