Savage austerity cuts coupled with a massive EU bail out were supposed to save the Greek economy and hold the eurozone together.
Now even Angela Merkel has expressed doubts that it will work, and the single currency is still in danger of unravelling with disastrous results for the entire region.
Allan Little has been investigating the causes and consequences of the crisis and his conclusion, in a three part series for BBC Radio 4 which starts this Sunday, are damning.
This is an extended version of the broadcast item.
Get in touch with Today via
or text us on 84844.