Greece is stuck. It has fulfilled nearly every demand of the official creditors. Most recently, it agreed to cut some pensions and raise some taxes after the current aid package expires around the middle of next year. This agreement will free up the next tranche of payment so that Greece can make a large debt service payment (~7 bln euros) next month. However, the underlying situation is not resolved, and until it is, the challenge posed by Greece. What no one wants to talk about is how can Greece continue to service its debt without the charade continuing of the creditors lending the country money. It needs to be ... (full story)