Financial Times
June 16, 2011
The Greek debt crisis has moved into a phase that resembles a global game of dare: either Athens or its international lenders must yield in the next few days, or Greece will hurtle towards a disorderly default that could wreak havoc in the eurozone and international financial markets.
For the time being, the focus is on the Greek prime minister, George Papandreou, and whether he can cobble together a governing coalition by this weekend. With members of his own party defecting and tens of thousands of protesters on the street, it is hardly guaranteed he will succeed.
As a deadline approaches for international lenders – the European Union and the International Monetary Fund – to disburse €12bn ($17.2bn) in aid so Greece can avoid default next month, there are three possible scenarios, each with progressively more dire consequences.
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