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The crisis in Greece shows it's time to bury the euro

Greece's staggering national debt has brought about the first major crisis to hit the euro since the currency entered circulation in 2002.

After Greece's finances spiralled out of the control - their public deficit of 12.7% is over four times higher than eurozone rules permit - the country has had to impose stark austerity measures, and millions of Greeks have gone on strike to protest against coming hardships. Many believe that, had Greece remained with the drachma, it could have had the flexibility to devalue its currency and avoid a protacted recession.

And with Spain, Italy, Portugal and Ireland all in a similar predicament, there are fears that Greece could be merely the first domino to fall in Euroland.