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Greece - Between a Rock and a Hard Place II

The paragraph below is a quote from the article that you can read in its entirety by clicking the link below

Europe's sovereign-debt crisis: Acropolis now | The Economist:

"The first is economic. Greece has become a symbol of government indebtedness. This crisis began last October when its new government admitted that its predecessor had falsified the national accounts. It is labouring under a budget deficit of 13.6% and a stock of debt equal to 115% of GDP. It cannot grow out of trouble because of fiscal retrenchment and its lack of export prowess. It cannot devalue, because it is in the euro zone. And yet its people seem unwilling to endure the cuts in wages and services needed to make the economy competitive. In short, Greece looks bust."

Got to hand it to The Economist for the creative title.

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