Greek debt is now out of control. This disturbing conclusion, issued by a parliamentary committee, comes from Athens itself. Asphyxiated by a recession severer than expected and undermined by the black economy, the country looks unlikely to meet its repayment deadlines. by Jean Quatremer The scene takes place in Hydra, an island in the Saronic Gulf, two hours by boat from Pireas, frequented by Greek high society, including Prime Minister George Papandreou. On an August night, at the end of a dinner in a well known tavern, the owner brings out the bill for her ten guests: 150 euros. The...
