Greece doesn't have its own currency and is completely reliant on private debt markets. Investors, mostly banks, started demanding higher yields, and Greece cou

Greece doesn't have its own currency and is completely reliant on private debt markets. Investors, mostly banks, started demanding higher yields, and Greece couldn't do anything about it. The EU used that as an excuse to impose garbage economic policies (austerity) on them, but the whole crisis could have been avoided if the ECB had intervened to keep Greek bond yields close to the ECB's interest rate.