Greek Debt Crisis At Tipping Point

Greece owes more than 341 billion euros (about $378 billion) and counting. Their bailout package expires at midnight tonight, after a last-minute extension request was rejected today by finance ministers across the EU. Keep in mind that they have a payment due today of $1.54 billion euros, which they cannot pay. How anyone can believe that Greece will ever be able to repay 341 billion euros in debt, plus all of the accruing interest is beyond my comprehension. Their entire annual GDP is around 225 billion euros. The bottom line is, Greece will never, ever pay back this debt, no matter how it is restructured, or how many extensions they are given. There is absolutely no point in playing this game any longer.

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