Immovable force, near unfixable debt

As Greek debt negotiations stall over the question of a writedown, the country's overnight bond auction underscores just how fragile the situation is.

European markets are rattled. European Finance Ministers have buckled and extended Greece’s budget deficit reduction plan by two years, while there is a conflict brewing between the European Union and the IMF of what to do about Greece’s public debt.

At the same time, there are growing concerns that Germany will dip into recession or something close to it as it is weighed down by the chronic weakness in its export markets and a loss of confidence as the eurozone sovereign debt problems roll on.

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