9 myths about the Greece crisis

This was the week Greece made history by defaulting on its €1.55bn debt to the International Monetary Fund (IMF), becoming the first developed economy to miss a repayment.

Its banks closed, the Athens stock exchange was shut, and cash machine withdrawals were capped at €60.

A snap referendum was called by prime minister Alexis Tsipras to let the Greek people determine the country's fate – accept a bailout deal from their international creditors, or reject it in a move widely seen as a vote for Eurozone withdrawal.

Greek voters have a stark decision to make on Sunday, but their crisis is a murky one in which myths abound...

1. Grexit is now inevitable

Unable to repay its IMF debt, Greece is now in default – something which assures the country's exit from Europe. Or so it has been argued.

While the situation is perilously close to the point of no return, a Grexit is still not a sure thing.

From a legal standpoint, Greece's default does not entail automatic Eurozone expulsion. Addressing the European Parliament in April, Victor Constancio – VP of the European Central Bank (ECB) – said he was "convinced" a Greek exit would not result from a missed repayment, adding: "The treaty doesn't foresee that a country can be formally legally expelled from the euro."

However, a 'No' vote in Sunday's referendum on whether Greece should accept fresh bailout proposals would, it is widely believed, be the death knell for the country's Eurozone membership.