Merkel's day of reckoning as taxpayer haircut on Greece looms ... Germany, Holland, and the creditor states of northern Europe have not lost a single cent on eurozone rescue packages, so far. Greece needs €100bn of debt forgiveness to get back on its feet, and a lot of this is coming Germany's way ... We are at last nearing the awful moment when the curtain is ripped away. Greece's economy has contracted 7pc over the last year. Public debt will spiral to 190pc of GDP in 2013. Leaving aside the Gothic horror of youth unemployment at 58pc, Greece's debt trajectory is simply out of control. The International Monetary Fund says the country cannot claw its way back to viability unless EU governments and bodies take their punishment. The Fund's Board and the powers behind it - the US, China, Japan, Brazil - will withdraw if the current farce goes on.
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