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Wednesday, May 11, 2011

The Greek Tragedy - An Inspector Calls

The ongoing Greek tragedy continues apace, with "debt inspectors" from the EU and IMF visiting Athens to take a close and hard nosed look at the finances and reform measures of the financially embattled country.

Their visit, by coincidence or design, comes during a general strike which has paralysed Greece's roads, trains and airports.

The Greeks, despite their public pronouncements, are looking for a renegotiation of the bailout terms and probably an extra lump of funding. Their trump card will be that, if they do not receive some extra help, they will leave the Euro.

Therefore the EU and IMF, despite their pronouncements that any extra help (if offered) would come with extra conditions, will be forced to stare into the abyss of a collapse in the Euro experiment.

The questions is, just as in any game of poker, who will blink first?

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