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If Greece still had the Drachma, it would be able to print money in an attempt to pay off debt, but this is not an option under the Euro. Also, Stergios Skaperdas, an economics professor from University of California Irvine, says most economists believe the best way for countries to regain economic success is to have their currency depreciate, and because the Euro represents 17 countries with varying degrees of economic success, it is unlikely that it will depreciate to the point that it is representative of Greece's economy if it is kept. Skaperdas also says that Greece may break away from the Eurozone now when it has not paid off much of its debt, as this could be the best of a number of poor options for starting to improve its own economy. If Greece defaults and breaks off from the Eurozone, which is likely in the near future, it is predicted that other unstable countries will leave as well.
Italy is one of these countries. Its public debt, which is currently at $2.6 trillion or 120 percent of its GDP , puts it at risk of defaulting and possibly leaving the Eurozone. Italy's debt became a problem in 2001, as before then, Italy experienced a slow but steady growth in GDP . However, in 2001, Italy's GDP began to decrease and it even fell by -0.017 percent in 2003 from 2002. Since then, Italy has been unable to pay interest without increasing its debt, which helped pave the way to its current economic issues. Italy's debt, general Eurozone instability, and abrupt sales of Italian bonds by bond traders have pushed interest rates to over seven percent as of November 9th, 2011. Seven percent is significant because it is widely considered to be the point of instability, as this is when both Greece and Portugal required bailouts. Italy's debt is not the only factor making the case for its departure from the Eurozone. .
The Euro also inhibits Italy's ability to address its debt as effectively as possible.