The fixed exchange rate does not leave much room for Greece to deal with its debt and budget deficit. 

I summarized the causes of the Greek tragedy in a previous blog, the results are captured by Yahoo's and MSNBC's slideshows.

1) Use the TB/Y diagram to show how Greece got into the crisis.  Refer to specific actions of the Greek government in the past decade

2) Use another TB/Y diagram to show the necessary Greek reforms to get out of the crisis.