Let me add a couple of numbers because there are still those who insist on giving Merkozy (and perhaps even the rest of the world) a KITA, returning to the drachma and then living happily ever thereafter within one’s own means. Before you do that, please think where you are going to cut out 29 BN EUR of expenses abroad because that is the annual amount, on average for the period 2007-10, which Greece spent more abroad than she earned abroad (“current account deficit”).
Now you could cut out 14 BN EUR which were spent on interest because you are no longer going to pay interest to foreigners. That still leaves you with 15 BN EUR of offshore expenses which you have to cut out.
You could, of course, cut it out of imports. They were 54 BN EUR and after taking out 15 BN EUR, you can still import 39 BN EUR. Bear in mind, however, that this would be the level of imports you had in 2004. How many cars, motorcycles, smartphones etc. did you import in 2004? It will be a lot less now because the oil which you have to import cost a lot less in 2004 than it costs today.
Since the Euro (from 2001-10), Greece has spent 197 BN EUR more abroad than she earned abroad. That is about 40% more expenses than income. That number includes interest but you cannot take out this interest because, without it, Greece could not have had any debt and without debt Greece would not have had a standard of living. Instead, Greece would have had exactly what she will have if those who want to give Merkozy and the rest of the world a KITA get their way.