Greek Crisis: Devaluation Of Euro

This is a story of Greek Crisis, which started almost few months ago. It is like this when European country wanted to dominate world. Therefore they formed a Union called "European Union". This Union comprises of 27 countries few of them are France, Germany, Greece, Poland and Sweden. The reason for building that Union was dominating world, Internal strength to face challenges in near future and explore the opportunity. Things were running smoothly but there were problem with Greece. Greece standard was not up to the mark as compare to other European countries. This country was not able to match their living standard with their Union. But Greece wanted to catch up those country in terms of living standard, growth and other things which is relevant for growth of country. Then they thought that yes, we want to catch up those country at any cost. That's what Greece started borrowing debts from different institutions for developing the country. Even they started expending money more than they used to earn through different sources of Income. The result was up to mark that people of that country came to that standard at some extent which they were looking for but another result also came in the form of crisis. That leads to crisis in Greece because at that point of time Government was loaded with huge amount of debts. Greece was not able to pay the debts which had been taken. Then Greece told to their Union country that please help me for paying these money. European Union denied to pay the debts so, Greece stuck in big problem. They did not have any option for getting off without paying debts. After some times when European Union felt signal of crisis then they agreed to pay some amount. But when they started paying money that time was late and country has been caught by crisis. Now you can see it has been spread all over the world. Now the next point is devaluation of Euro. Theory says that when any country is suffering from crisis their export starts declining and that leads to crisis(lack) of national currency. Same theory applies here in case of Euro. That's what Euro is getting in the phase of devaluation. At the end being an Indian student I say Indian will not be impacted by these crisis because Indian economy is not directly linked with that country. Even after they linked at some extent India won't be affected because our export comprises only 4% with Greece. Again I say thanks to my friend Yogendra for giving me such a valuable insight. Thanks a lot !!!!!!!!!!!!!!!