Greece on the Brink

Greece on the Brink

Greece is part of the European Union. It owes a lot of money to European banks, but it cannot pay the money. It cannot pay even the interest that is due.

Now, Greece wants to leave the European Union and return to its old currency called the drachma. If Greece leaves the European Union and the use of the euro, all bets are off. On the other hand, drachmas printed by Greece may not have value.

This Sunday, Grecian people have to face this dilemma.

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brink / brɪŋk / noun

1 the brink (of something) a situation when you are almost in a new situation, usually a bad one

on the brink of death/disaster/war etc

In October 1962 the world seemed on the brink of nuclear war.

The company had huge debts and was on the brink of collapse.

owe / əʊ $ oʊ / verb [ transitive ]

money to need to pay someone for something that they have done for you or sold to you, or to need to give someone back money that they have lent you → borrow , lend

owe somebody money/£10 etc

I owe my brother $50.

owe somebody for something

I still owe you for the taxi.

How much do I owe you (= often used to show that you want to pay for something ) ?

owe something to somebody

the money owed to credit card companies

due / djuː $ duː / adjective

if an amount of money is due, it must be paid at a particular time :

The next income tax payment is due on 31 January.

cur‧ren‧cy W2 AC / ˈkʌrənsi $ ˈkɜːr- / noun ( plural currencies )

[ uncountable and countable ] the system or type of money that a country uses :