Greece: the heat is on. Portugal next?

Greece is on its last legs: street riots, government resignations, a plummeting economy.  Whatever measure you use, the outlook is grim.  How is it that this state of affairs has come to pass in a European country that a member of the EU and the eurozone?  The causes of the problems have been articulated on this blog many times and I do not intend to re-visit them.  What concerns me are the consequences of the failure to deal with the causes.  It is a sad story of the abject failure of the leadership of the EC and heads of national governments to act decisively months ago.

The danger is that what has happened to Greece could happen in varying degrees to Portugal, Italy and Spain. 

http://www.spiegel.de/international/europe/0,1518,814500,00.html
Is Portugal next?

http://www.spiegel.de/international/europe/0,1518,814464,00.html
EU keeps pressure on Athens.

http://blogs.telegraph.co.uk/finance/jeremywarner/100014766/europe-is-now-deliberately-trying-to-push-greece-out/

http://www.bbc.co.uk/news/world-europe-16981783
Athens riots.

http://www.telegraph.co.uk/finance/financialcrisis/9074467/Violence-erupts-as-Greek-unions-begin-48-hour-strike-in-pictures.html

http://www.spiegel.de/international/europe/0,1518,814523,00.html
Without a new beginning, Athens is lost

http://www.bbc.co.uk/news/world-europe-16987644
Greek Coalition hit by defections.

http://www.zerohedge.com/news/greek-police-threaten-imf-arrests-due-austerity-demands

http://www.bbc.co.uk/news/world-europe-16987644
Greek PM warns of 'uncontrolled chaos'.

http://www.telegraph.co.uk/finance/financialcrisis/9075380/Greek-prime-minister-warns-of-uncontrolled-chaos-if-country-defaults.html

http://blogs.telegraph.co.uk/finance/matspersson/100014739/for-greece-this-is-only-be-the-beginning/