[Oldeconomybuyer]

"The country appears to be in a self-feeding downward spiral that is playing havoc with budget targets..."

Coming to America.

[AnAmericanAbroad]

Looks to me like they’re trying to show Greece the door.

Why didn’t they do this a year ago, when they should have? It was glaringly obvious that Greece was insolvent; the EU should have put it’s foot down, and told the Greeks to leave (the Eurozone).

A sad case of political dreams and aspirations not squaring with political and economic realities.

[BfloGuy]

"We are the cradle of European civilisation and nobody can take us out of our own home."

Dude, you'll still be in your home. You'll just be expected to contribute to expenses now instead of getting an allowance from Vater.

[EGPWS]

The country appears to be in a self-feeding downward spiral that is playing havoc with budget targets, leaving Greece with a Sisyphean task of ever deeper cuts.

Thank God we have a disciplined non political government or this very same thing could happen to us in just a couple of years.

Thank you steadfast, patriotic, sense driven lawmakers for keeping us from going down this same road.

[Lazlo in PA]

a vivid reminder to Greece's politicians that any misjudgment could push the country towards anarchy.

As far as I am concerned, Anarchy is already there. The Govt' is frightened to make any real changes for fear of their lazy citizens. There is no real law and order there anymore. They are done as a country.

[onyx]

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[mykroar]

"We are the cradle of European civilisation and nobody can take us out of our own home. There is no legal mechanism for this. If they try, others are going to die economically with us."

Unfortunately, the EU will find the last part of that statement to be painfully accurate.

[Truth29]

Now would seem to be the time for Turkey to make a move on the Greek Islands near the Turkish coast and on Greek Cyprus.

[Hugin]

I saw a Brit anti-Euro pol on Cavuto earlier, talking about how the only way out for Greece (and the rest of Europe) is to dump the Euro. Asked why nobody in the EU was seriously considering this, he had a great line; “It's very difficult to make someone understand something, when their lively hood depends on not understanding it.” The unelected, unaccountable EU apparatchiks will do anything not to lose their power.

[DuncanWaring]

Can Greece (or any country) be ejected from the Euro?

I have been given to believe they cannot be ejected; if they leave, they must leave on their own.

[Chode]

they're just waiting for one last bailout before they default...

[Mariner]

"The escalating brinkmanship came as fresh data showed that Greece's economy contracted by 6.8pc last year and at an accelerating 7pc rate in the last quarter, far worse than expected by the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF) "troika"."

Classic debt deflation combined with austerity. Greece is likely to lose 40-60% of it's current living standard before recovery a decade hence.

This is healthy.

The good news is the country truly is a microcosm of what happens when you base GDP and Living Standards on borrowed money. Just like us.

Private borrowing. Public borrowing. Printing. When the bubble pops the change to reality tears apart the very fabric of a nation.

It's AMAZING that Russia and the old Soviet Union were able to take their medicine, rebuild and become somewhat prosperous after the fall of their economic order and to do so without widespread war and destruction.

Of course the Russians never had a sense of entitlement like the West.

Nearly 10% of Greek GDP was borrowed money.

Nearly 10% of US GDP is borrowed/printed money. We too would be in an accelerating depression were it not for the borrowing and printing...7% per year just like Greece.

Unfortunately, we actually ARE in real terms.

Europe is going to melt down first. It will be white hot. When the US Debt Deflation can no longer be masked, the world will end. At least as we now know it.

[familyop]

"Approval of EU finance ministers is needed to unlock all parts of the complex €130bn loan package, including a 70pc "haircut" for private holders of Greek bonds, allowing the country to avoid default in March."

Looks like Greece is almost there. ;-)

[familyop]

BTW, Iran cut oil exports to Europe for the time being. India, China and others are hungry for it, and at least some of them are paying in currencies other than the dollar. China also reduced its treasuries here a little more.