Lots of learned opinions about the perilous state of the Greek economy. After being elected into office the new government discovered that the deficit is 12.5%, double of what was being thought. Appears that the previous government had fudged its accounts to hide the real extent of the trouble the country was in. Now Portugal, Ireland, Greece and Spain have been dubbed PIGS as opposed to the BRIC countries of the developing world. Greece's problems are being compounded by the common currency, the Euro which binds different countries with totally different economies into a straitjacket. If Greece had its own separate currency it could have run a bigger deficit, devalued its currency to improve competitiveness and taken IMF help to restructure. Tied to the Euro it is committed to keeping its deficit below 3% and cannot make monetary policy independently. Other countries in the euro zone are in some trouble themselves and reluctant to help. Greece has been told to increase taxes and cut public spending to decrease its deficit, precisely the things it must not do if it is to decrease its pain. People will suffer terribly through no fault of theirs. Taxes and unemployment will rise, benefits and pensions will be tightened and poverty will increase. No wonder the people are furious and are resorting to strikes to protest government policies. However this government is hamstrung and can do nothing. So people should unite to demand punishment for the previous government which brought them to this state. Politicians always get away with crimes. Time to demand a stop.