Belfast Telegraph

Greeks finding it hard to escape debt tragedy

Sticking with the Mediterranean theme, we move on to Greece. It's been a torrid time for the country once described as the seat of civilisation.

European leaders have been trying to bend the financial rules slightly by arguing that commercial lenders could buy new bonds when their existing Greek debts mature. A nice try, and one which would help prevent a default, but also one which the ratings agency Fitch has seen right through.

Greek prime minister George Papandreou is doing his best to hold things together and by the time you read this the outcome of the vote of confidence in him will be known. It's too early to tell whether the Greek parliament will be hopelessly devoted to him or will withdraw their support like greased lightning. (Today's puns were inspired by a local economist with a penchant for musicals.)

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