Greece have finally bitten the bullet and accepted a compulsory voluntary agreement.
This is the first stage in bankruptcy for the country.
The Greek National Government has taken the bold move after seeing how British football teams deal with spending more money than they earn.
"Now we've gone into CVA," said the newly appointed Greek Minister for Bankruptcy, Alain Sucrose, "there are a few rules we have to follow."
Greeks are no longer allowed to emigrate, and immigration has been put on hold. Additionally, negotiations are under way on how much to repay the Greek creditors. The Greek creditors are mainly the Greek People, as countries borrow against the future of the country.
"The Greek People will be receiving back one Centime in the Euro," said Sucrose. "The way things are at the moment, most of them are pretty ecstatic at getting so much back."
Prior to the negotiations, they would have received hummus and set yoghurt.
The final part of the jigsaw is the name of the new country.
"We tossed around a few ideas," said Sucrose. "But it turned out most of them were taken. Cyprus, Italy, and the like. Who knew there was already a country called Australia? In the end, we settled for putting AFC on the end of the original name."
It was meant to be a closely guarded secret as to what the letters stand for. However, it can now be revealed: Another Fucked-up Country.