BBC News
January 26, 2012
The time for reaching a Greek debt deal is fast running out. That's one thing everyone can agree on here in Davos.
But what's less often noticed is that the balance of power around the negotiating table has also shifted lately; against the Eurozone institutions and politicians who most want to see a deal, and in favour of the Greeks themselves.
There are three reasons for this shift.
First, the need for more debt relief for Greece has become even more blindingly apparent.
Second, it has become clear that the official sector has to contribute if it's going to happen politely.
Finally, and more quietly, the Greek government has slashed its way to a primary budget surplus: as of now it is only borrowing money to pay off the debt. That could change things quite a bit.
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