The Greek sovereign debt crisis has entered a critical phase. The four protagonists--the Greek government, its creditors, the International Monetary Fund, and the leaders of the eurozone--all feel they have been pushed as far as they can go; further concessions may be beyond them. Even though the Greek government narrowly averted disaster by surviving a no-confidence vote last night, the country's prospects look grim. If it tips from managed austerity to chaotic default, the shock will convulse the eurozone.
Sebastian Mallaby
Council on Foreign Relations
