The Greek debt crisis is once again attracting everyone's attention. In the face of a staggering debt owed to the International Monetary Fund and the European Central Bank, Greek officials have reportedly made informal requests to delay repayment. On June 30, Greece missed a payment of 1.5 billion euros (approximately US$1.7 billion) to the IMF, making it effectively the first developed IMF member country in default. To prevent the Greek financial situation from getting completely out of control, on the night of June 28, Greek Prime Minister Alexis Tsipras announced that Greek banks would not open until July 7. Tsipras also announced that the Greek people would vote on whether they want to leave the eurozone or accept the European Union's further austerity measures in return for an additional 15.3 billion-euro bailout.

The Greek debt crisis is a result of the long-term culmination of a variety of factors, and it cannot be resolved in a day. The Greek government is heavily in debt and has been struggling to balance the austerity measures required by the ECB and IMF with domestic opposition to the reduction of salaries and social benefits. In fact, EU leaders - including many political elites in Greece - all agree that austerity is necessary to solve the crisis. revious Greek governments have indeed carried out a series of measures to tighten the country's economy. However, the measures have incited waves of protest from the Greek people. There will be no end to the Greek debt crisis as long as this controversy remains unresolved.

In a Western-style democratic electoral system, no government dares to confront its people, especially during campaign season. Even if public opinion may not be constructive to the country's development, candidates often choose to compromise and cater to voters.

Politicians with foresight and experience all know that the price of a Grexit will be very expensive. The EU's rescue plan alone won't solve the Greek debt crisis; Greece also has to make concessions. But the Greek government cannot find a reasonable balance between fiscal reform and satisfying the demands of the public, so the country has consequently undergone several changes of government over the past two years.

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