The graph below shows the unemployment rate in Greece from 2005 to 2014 (the data for 2005–2013 can be seen here, and the rate for October 2014 here).
While it is true that unemployment was already moderately high in 2007, the consequences of remaining in the Eurozone and the austerity imposed on Greece have been devastating. The unemployment rate is worse than America’s in 1933 in the last year of the contractionary phase of the Great Depression (which was 24.9% as calculated in official BLS data). The social ills driven by the economic collapse are horrific, and include a huge surge in prostitution, drug use, and HIV and cuts in basic programs for health care and social services.
With an election due in Greece on 25 January, it now seems that the anti-austerity left “Syriza” coalition might win government.
It is unclear, however, what they will do if they win government. They do not even wish to leave the Eurozone, but have pledged to remain inside it. It seems unlikely they could possibly do anything substantive for Greece without leaving the Eurozone.
But the broader implications of a Syriza win in Greece could be devastating for the future of the Eurozone, as noted here. It may well signal the beginning of electoral wins for parties that wish to leave the Eurozone completely such as the French Front National.
In Britain, the UK Independence Party (UKIP) might do very well in the approaching election and split the Tory party. If a Tory-UKIP coalition formed government, the price would be taking the UK out of the EU.
All in all, 2015 might well see another devastating crisis for the Eurozone.