There's really no easy way to get through this situation for Greece. The people have every right to be angry and the government has no chance at all of being able to pay back the loans. Default is the only option at this point and of course, nobody wants to face that problem. Whenever this settles, then all eyes will be back on Ireland and Portugal to see if they can actually repay their loans. Even then, the larger question is how stable are some of the other weaker links in Europe? Interesting times ahead.
Greece's 18-month sovereign debt crisis brought the government to the brink of collapse as public fury over savage austerity measures erupted in pitched battles with riot police on the streets of Athens.
The escalation of the Greek crisis had instant European and global impact, sending world stocks tumbling and exposing European Union paralysis over whether and how to launch a second attempt in a year to save Greece from insolvency.
George Papandreou, the socialist prime minister, announced he would seek a vote of confidence on a new government after offering to resign and broker a new national unity coalition with opposition conservatives.
