Can this marriage be saved? Greece and the euro

The Greek government has been in talks this past weekend with the major players in the European financial community who will determine whether Greece experiences a sovereign default next month or continues to limp along - the new "Sick Man" of Europe. No one is optimistic. The reason? New York Times: The Greeks face an October deadline to qualify for 8 billion euros, or $11 billion, in aid, without which Greece will certainly default on its growing debt. Over the weekend, European finance ministers issued stern warnings at a meeting in Poland that failure to meet financial targets would imperil the release of the payment. The payment is just one installment in a larger package of 110 billion euros, or $152.6 billion, in aid agreed to by euro zone members in spring 2010; a second bailout fund, for 109 billion euros, or $150.2 billion, was agreed to in July, though that has yet to be ratified. To reach the financial targets, Greek leaders discussed a range of draconian layoffs and pay...(Read Full Post)