The Last Asset of Greece

Commentators seem to be souring in their tone on Greece, as EU members look to delay the bailout.  BBC's Gavitt Hewitt thinks EU elites are finally realizing the situation's intractability.  PIMCO's El-Erian traces the incredible similiarities between Greece now and Argentina in 2011.  Meanwhile, Antonios Samaras, President of Nea Demokrati, has gone begging to ECB Chairman Mario Draghi.  In a letter published by the FT today, Samaras pleas: we are committed to austerity now more than ever! Please believe me!

It's never a good sign when someone is left to beg for their own credibility. Reputation, belief, call it what you will. It was the only thing Greece had left and now, it looks like that has been lost too.