Greece, which is scheduled to pay about 14.5 billion euros, could potentially default on its bonds as early as March 20th if its neighboring European nations and the Central Bank do not act quickly. The Hellenic Republic, if an agreement is reached, would most likely write down the value of private sector bonds up to seventy percent. Although the Greek government passed more pay cuts and reduced pensions, it will not make up for the hundreds of billions in debt due to years of over-consumption. Ultimately, the nation cannot sustain itself solely on bailout funds and bonds; it needs to cut more funds regardless of public outcry to balance out years of spending beyond their means. While the European Central Bank, which owns about thirty to forty-five billion euros worth of Greek debt, will most likely pass the next bailout fund, austerity will be the deciding factor of its fate.