Merkel and a hard place

As Angela Merkel steps up her already rock solid resolve Greece should remain in the eurozone, others are equally adament lending conditions should be relaxed. It will be a nervous wait to see if anyone blinks.

As he tried to talk up the Australian economy last week, the Reserve Bank’s Glenn Stevens, somewhat tongue in cheek, said: "I have begun to wonder whether we in Australia worry more about the Greek economy than the Greeks do.’’

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