Greece May Not Be Alone

Sooner or later, debt-stricken Greece will have to “confront an exit from the euro,” Beppe Grillo, the outspoken leader of Italy’s anti-austerity 5-Star Movement, told CNBC — and Italy should follow suit.

Former comedian Grillo’s anti-euro movement has gained traction among Italy’s disaffected voters over the past few years. It has been watching the Greek debt crisis closely, as it could set a precedent for a country leaving the single currency union.

Greece has effectively defaulted on a debt to one of its major creditors, the International Monetary Fund (IMF), and without further aid could soon default on payments due to the institution keeping Greek banks afloat right now: the European Central Bank (ECB).