Greece is back in the headlines in the wake of a visit by Germany's Angela Merkel . Here's how one expert sees the euro zone's troubles resolving.
Some call it the basket case of Europe. Others view it as the profligate problem child of the euro zone. Whatever your take on Greece, it's clear that the country's problems are far from simple.
That's too bad, because without a resolution to the Greek crisis, the problems could spread, says Michala Marcussen, global head of economics at Société Générale.
"The issue for Europe is broader than just Greece alone, " she told CNBC. "Europe has to recognize that we are seeing austerity traps that have developed in Greece" and in other troubled countries like Portugal and Spain, where tough spending cuts and tax hikes in those countries have made it harder for the economies to recover.
"If we imagine a Greek euro exit today, I think that the consequences for the rest of Europe would be very severe, " Marcussen says. "I do not think we are in a position to be able to manage that contagion."