The Greek Tragedy Continues

Those of us who wish that the euro be brought to an end before too many people get hurt are likely to be disappointed, because European politicians refuse to admit defeat.

Greece now stands on the brink of a sovereign default. Over the last few months, the slump in the Greek economy has been much deeper than anticipated, and, as a result, the Greek government is now in urgent need of roughly $20 billion to cover its immediate financing needs, on top of the rescue package of approximately $170 billion conferred in October of last year.

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