Daniel Jianu, freelance journalist/researcher I believe that there are many factors/causes fueling this current economic/financial crisis

in Greece and although the finger can be pointed at both Greece/Greek government and the EU/IMF/ECB troika, at this point in time the only thing that matters is how can Greece can get out of this hole in one piece and not create a domino effect by taking down with it other European countries. So far at least, this is where pretty much everyone has dropped the ball in a spectacular fashion. On the one hand, the Germans and the troika have not realized or accepted that this crisis is a lot more than just a liquidity issue but on the contrary that this is a full-blown insolvency issue for the Greek government and a fully developing and maturing European bank crisis; on the other, the Greek government has not been able to implement any structural reforms/changes except to impose new taxes and salary & pension cuts which unfortunately can only assist with a vicious circle of recession/depression and consequently more budget deficits. The latest austerity measures/property taxes have only confirmed the inability of the government to implement any changes/reforms that have been agreed before and even passed in the Parliament as fully functional and applicable laws of state, and have also exposed the level of desperation the Greek government has reached lately. I also believe that the privatization scheme along side the necessary and forthcoming cuts in the public sector are two incredibly politically loaded issues in Greece due to not only the opposition from the trade unions but also due to the deeply ingrained social and civil expectations of the Greek public concerning the proper role and function of the state in the economy and the social welfare of its citizens. These discussions have not really yet taken place in the society at large as the status quo of the public employees and unions and other affiliated special interests is deeply entrenched in the Greek national economy. All this comes back to the role of the state/government in the economy both as an economic player itself and as a regulator and standard/rule bearer of sorts; the norms and institutions that the government needs to have in place and manage the sort of economic/financial activity that took place in the last 10-15 years in the age of technology and efficient/deregulated markets. Hence, a default for Greece is a near certainty at this point and the only way out from the weight of the public debt. It does look imminent but hopefully it will be a structured/organized one in which all the right institutions and actors are ready to support politically and financially this step. That means that the ECB needs to be ready to capitalize/re-capitalize all the Greek banks adequately and for a sufficient period of time and continue to accept Greek bonds as collateral; it also means that the troika needs to have funds unconditionally and readily disbursable to the Greek government for basic payments such as salaries and pensions when default happens. Unfortunately all these steps mentioned above require coordination, planning and rapid & efficient execution from all sides and so far this level of collaboration and implementation has profoundly lacked in this unfolding crisis and thats why there is a high-risk that Greece will default in a pretty chaotic manner. If this is the case and the default is not organized/structured, then there will also be a chance that Greece will need to leave the Euro zone. In either case, the

default will probably need to happen soon, like at the end of 2011/beginning of 2012 and then early elections will be most certainly be called immediately after.