Eurozone problems trundle on.

The next staging post in the ongoing eurozone disaster is how to circumvent German opposition to an increase in the firewall designed to protect Italy, Spain and Portugal.  The danger is that, unless the bailout firewall is increased, the IMF may pull the plug on the Greek bailout.  See:

http://www.spiegel.de/international/europe/0,1518,817152,00.html

My regular reader has been exposed to an almost daily blow-by-blow account for the past two of the problems of the eurozone.  Below is a synopsis of the Greek element of the problem.

http://www.telegraph.co.uk/finance/financialcrisis/9098559/Whats-the-Greek-debt-crisis-all-about.html

the Greek government has hailed the bailout agreement as saving Greece from a nightmare, that leaving the euro would be the worst possible scenario.  In this context a report by Center for Economic and Political Research makes for interesting reading.

http://www.cepr.net/documents/publications/greece-2012-02.pdf

Foe a summary of the CEPR report see:

http://www.telegraph.co.uk/finance/financialcrisis/9101397/Why-Greece-should-default-and-exit-the-euro.html

UPDATE 24.02.12

http://www.telegraph.co.uk/finance/financialcrisis/9102404/German-showdown-with-IMF-looms-as-Bundestag-blocks-rescue-funds.html

http://www.telegraph.co.uk/finance/financialcrisis/9104958/Greek-bond-swap-begins-as-Germany-voices-doubts-over-bailout.html

http://www.telegraph.co.uk/finance/financialcrisis/9104688/Greek-statement-on-bond-swap-in-full.html

http://www.telegraph.co.uk/finance/financialcrisis/9105655/World-Bank-chief-Robert-Zoellick-Greeces-130bn-bailout-merely-buys-it-time.html