Face it: The EU won't let Greece out of the euro zone

Although many EU nations have had enough of Greece and their backsliding on austerity measures, a consensus seems to be emerging that no matter what, Greece can't be allowed to default and the EU can't kick them out of the euro zone. This may not have been the case a few months ago. But continued weakness in the Spanish and Italian economies, making them vulnerable to the contagion if Greece were to exit the euro, seems to have convinced most of the euro zone that they must stick with Greece come hell or high water. Reuters: [A]s ever, the devil is in the detail, and in Greece's case the details are devilishly difficult. That is why ongoing efforts by the European Commission, the European Central Bank and the International Monetary Fund -- together known as the 'troika' -- to work out Greece's long-term growth and debt reduction prospects are so critical. Everyone from German Chancellor Angela Merkel to ECB President Mario Draghi and Greek Prime Minister Antonis Samaras -- who...(Read Full Post)