Amid allegations of "blackmail" and threats of capital controls, the Greek Prime Minister has rejected the Troika's proposal of a five month bridging loan. Greece is being set up as Europe's fall guys. Are they?
There are two stark facts surrounding the Greek debt situation. First, both Greece and the Troika are utterly cornered. Neither can move.
On one hand, the Troika has a financial system on its hands which has make billions of Euros of derivatives bets on the Greek debt.
On the other, the Greek government knows that any capitulation to Troika demands can only result in the deaths of Greeks as pensions and healthcare bear the brunt of austerity demands.
And yet behind both these critical positions is the fraud that the debt claimed against Greece has any legitimacy.
Main image copyright - Robert Crc