Euro zone crisis: far from being over

Eurozone crisis has become a phrase so common that every where you find the details. Every channel, newspaper, magazine is flooded with the information about the crisis. Investors heartbeat and markets indices going up and down in a rhythmic motion with every move taken regarding the crisis be it bailout packages, austerity measures, buying of bonds by European Central bank, referendum etc. Every one round the world is anticipating the extent of the crisis, the possible spillover from Greece to others in the zone and impact of crisis on the respective economy. The present paper attempts to study the root cause of the crisis, its controllability, the impact of austerity and bailout packages, possible impacts of Greece default and impact of crisis on India.