HT Explains: Making sense of the Greek debt crisis, and what lies ahead

Greece has formally defaulted on a $1.7 billion payment to the International Monetary Fund on Wednesday. Meanwhile, Eurozone finance ministers have also rejected a Greek government call to extend its bailout. It means that Greece is now on its own financially, and can't pay all its bills. How did the Greek crisis intensify to such a big level? In this video, we take you to the beginning of 2009, when the crisis began. It explains how Greece fell under heavy debt, how it has been struggling to repay the loans and how the entire crisis has affected the economy.