Time
September 2, 2011
Greek tragedy strikes again. European and Greek leaders are at each other's throats about Greece being on the dole. Again. And that's got investors all in a tizzy about holding onto Greek debt. Again. So where does this leave the ominous eurozone crisis, which appears to have no end?
Here's the gist of the problem. The "troika" in charge of Greece's fate (the European Union, the International Monetary Fund, and the European Central Bank) doesn't think the austerity measures Greece has in place are enough to keep the country paying its creditors. The Greek government, meanwhile, is pleading for more slack, since, by its estimations, its squeezed population is about to go mad. What follows from there is a lose-lose scenario, not only for Europe and Greece, but for the hobbled global economy.
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