Crunch time for Greece - and for the EU - and indeed the world economy

The current state of play is at: http://www.reuters.com/article/2012/02/04/us-eurozone-idUSTRE8130TF20120204

so the question is whether Greece will pass the needed legislation by the end of this month

somehow, I think they are going to continue prevaricating till the last minute

and then we will see whether they do get the legislation through

I think that then they will because they have to - the alternative (bankruptcy) will be even worse for them

However, I regret I don't know Greek culture well enough to be able to say whether they belong to that class of people who are prepared to disadvantage themselves in order to do harm to someone else.

If Greece does go into default at the end of this month, expect the Euro to go into a tailspin (so far as markets are concerned - the Euro will recover, but it will be considerably damaged and weakened), and expect a concomitant impact on the world economy.

If Greece does put the required reforms in place, then expect possible political and social upheaveal in Greece, but an uptick in the Eurozone as well as in the world economy. Sphere: Related Content