Does anyone believe that the new Greek deadline is for real? We've heard about "deadlines" for five years. There are no such things as real deadlines in international politics. (Daily Mail, as always, has the best pictures illustrating the ongoing unraveling of Greece.) Greece is a mess. I'd love to hear the various presidential candidates describe what Greek policies -- not negotiating tactics -- have led to this sorry state of affairs.
The International Monetary Fund called last week for European states to accept longer repayment periods and lower interest rates on their loans to Greece. Many economists say that Greece's debt burden, at almost 180% of annual GDP, is unsustainable for a country its size.
Greece has been granted two bailout programmes worth a total of €240 billion euros (£172 billion) in loans from other eurozone countries and the IMF.
But the spending cuts and tax increases demanded as a condition for the loans have hit growth, sending the country into a six-year recession and pushing unemployment to 25%.
As talks broke down between the Eurozone countries and Greece in Brussels last night, European Council president Donald Tusk said: 'I have no doubt that this is the most critical moment in the history of the EU.
'The stark reality is that we only have five days left to find the ultimate agreement.
'Until now I have avoided talking about deadlines, but tonight I have to say it loud and clear that the final deadline ends this week.'