The strength of any union is based on the commitment and perseverance of its members through the good times as well as the bad. The currency union that comprises the Eurozone is no different. Even though Greek leaders accept imposed austerity measures in July, 2015, chances of a Greek exit from the euro have not totally abated. This leaves many wondering about the strength of the currency union and the likelihood that other peripheral countries like Spain will follow if Greece drops out. While European policymakers have taken measures to avoid financial contagion and keep a Greek exit from becoming Europe’s "Lehman moment," the event could set a dangerous precedent creating fears of political contagion making a Spanish exit more likely.
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