'Greece' the Skids

Poor, hapless Greece may yet find a way to snatch defeat from the jaws of something that might have passed for a sort of victory. See this article in the Financial Times for details.

Getting private lenders - banks - to extend the terms of their loans, or even take a haircut on the principal owed is proving harder than anticipated. What happens when Greek banks can no longer function? We may yet see the meltdown of a somewhat modern state.