The Greek prime minister has asked the eurozone countries and the IMF to bail it out with €35 billion of subsidised loans. Payments on existing loans have to be made in May and the country is broke.
The drawn out collapse of the Greek economy continues.
The pressure on the hapless euro continues to build in 2010.
European Central Bank head Jean-Claude Trichet said yesterday that fears the eurozone might break up were "unfounded".
Spain is another candidate to be the first to exit the euro, the ill-fated experiment by out-of-touch European politicians.
Ireland is now another candidate to be the first to exit the euro.
Beware Greeks bearing euros. Some Germans are now rejecting banknotes issued by the flakier members of the eurozone.
The riots in Greece this month must have increased the chance of the Greek economy imploding forcing Greece out of the eurozone.
Will the overvalued euro cause the currency to collapse?
The Business published the following editorial on the euro zone in October 2004.
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