At this point it's probably too late for any option other than default. Angela Merkel has repeatedly missed critical timing moments for little more than political posturing at home, so her latest compromise position is frustrating to say the least. During the previous rescue attempts she forced Greece to accept lousy terms and harsh austerity, policies which most knew would destroy the Greek economy.
Merkel got what she wanted and Greece went the way that most economists predicted. Once again, it's too little, too late and mismanagement of the eurozone by Angela Merkel. Heaven forbid this mindset is voted in this November during the US elections.
Chancellor Angela Merkel of Germany said Wednesday that she was ready to discuss stimulus programs to get the Greek economy growing again and that she was committed to keeping Greece in the eurozone, signaling a softer approach toward the struggling country.
The fierce rhetorical salvos out of Germany in the past week gave way to conciliatory gestures by Merkel, who throughout the crisis has shown a propensity for managing through brinkmanship. "I have the will, the determination to keep Greece in the eurozone," she said in an interview on CNBC on Wednesday, in what appeared to be an attempt to relax an increasingly tense situation.
If Greek officials are looking for "stimulus to be pursued for growth in the eurozone, which we could pursue in the interest of Greece, we're open for this," Merkel said. "Germany is open for this."