As hard as it seems to be to believe, the crisis in Greece continues, and may have gotten worse. The nation's parliament has voted through an extreme austerity budget that was to be the ticket to a new tranche of aid. However, Greece's neighbors have become deeply worried, which could put off a needed loan of 5 billion euros.

The European Union may take a "wait and see" position while its experts comb over Greece's budget and projections to look for severe shortfalls. Once again, the prospect of a Greek default has moved back into the headlines.

According to an exclusive report from CNBC, Costas Lapavitsas, professor of economics at SOAS University in London, said:

I would be amazed if Greece remained a member of the euro zone in 2013. But that is not the end of the story. Greece cannot handle the euro discipline, it needs to get out, it needs to revive its competitiveness.

Douglas A. McIntyre


Filed under: 24/7 Wall St. Wire, Austerity, Economy, International Markets, Politics

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