The Greek government has announced that it may have to leave the euro zone if it fails to secure its second multi-billion-euro bailout from the European Union...the successor to the Holy Roman Empire, only without the Hapsburgs and the nifty uniforms and the dancing...
and the International Monetary Fund (IMF).
"This famous loan agreement must be signed, otherwise we are outside the markets, out of the euro, and things will become much worse," Greek government front man Pantelis Kapsis said on Tuesday.
Greece has so far received a first, 110-billion-euro ($142 billion) international bailout agreed in May 2010, and expects to receive a second 130-billion-euro ($169 billion) rescue package to keep its economy afloat and avoid bankruptcy.
The second bailout, which was agreed by EU leaders in October, will be provided contingent on Greece taking stricter measures to cut its huge deficit and overhaul its economy.
The Greek parliament passed its latest round of austerity measures, which include cuts in public sector salaries and pensions and tax rises, in early December following the formation of an interim government led by Lucas Papademos.
Many Greek public sector employees, including pharmacists, doctors, and industry workers, have held massive strikes to protest the cost-cutting measures and liberalization policies pursued by the cash-strapped government.
EU, IMF, and European Central Bank inspectors are expected to arrive in the Greek capital Athens later in January to review the progress of the debt-crippled country's deficit-cutting plans.
Greece has the highest debt burden in proportion to the size of its economy in the entire 17-nation eurozone.
Europe plunged into a deep financial crisis in early 2010. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italia, Ireland, and Spain.