Greece

So it looks as if the Politicians in Europe have decided to let Greece go. The spectre of Greece holding out her hand for more money without the austerity that was demanded within the time scale which was deemed reasonable by the creditors has nearly played out.
Firstly who are these creditors. 

Well they are the Banks and the investors in the banks and, importantly, the International Monetary Fund an off shoot of Washington. It is their refusal to extend the credit, I think the amount is 750 million euro loan to the IMF due on Tuesday and so true to form, the IMF, the traditional "ball breaker" of many poor economies throughout the world is once more seen leading the fray.
In 2008, not long ago we saw the "taxpayers" (you and me) in the leading economies "give" (hand over without any clauses or need for repayment) the Banks trillions of dollars to shore up their ravaged balance sheets. The Banks had been ravaged, not by being held in the vice grip of German led economic rules and regulations which for instance prevented a country like Greece, from independently offering the market "short term government debt", this is apparently against ECB rules. But ravaged by the insolence of the bankers who in 2008 had gambled the (depositors) funds on the roulette wheel of the money market and the contrived market in derivative spun debt. These same bankers are now shrieking for financial discipline but where was their financial discipline in 2008 ? 
The financial straight jacket and the demand for further austerity has meant that the Greeks are backed into a corner. To continue to oblige your creditors they have to ignore the "impossibility" of the Greeks to survive with their economy in free fall and a debt plus interest which can never be paid. If an individual gets into such a financial mess the only way out is for them is to to seek bankruptcy and have their debt written off.

Greece is bankrupt and has to declare itself so with a view to reinventing itself. Of wanting to exist as a nation of people. Which means they must leave the Euro and re-establish the Drachma and begin trading their tourist attractions and what ever they produce, free of Europe. 

The Greeks were the bedrock of the West's intellectual substance and there is no doubt that they can reinvent themselves as a proud people freed from the shackles of capitalistic dogma !