Greece's dire financial situation has been in the news a lot recently.
If the country 'goes bankrupt' what does it mean to the Greek people? Does it mean that public employees won't get paid? I realise it would mean that Greece couldn't pay back the money it has borrowed, but what then? Does the borrowed money get 'written off'?
Have any other countries gone bankrupt in recent years? What about Iceland, what happened there? And Zimbabwe?
Lots of questions here highlighting my total ignorance of world monetary affairs. If anyone can explain these matters in simple terms I would greatly appreciate it.