Hollande flew out to Germany the next day to meet with Merkel.

Schauble is on record as wanting to force Greece out of the EU for years.

And Merkel refused any debt write-down, despite the 2010 IMF report that it was necessary. Varoufakis wouldn't agree to any austerity plan that lacked debt write down -- that was the sole reason Greece rejected the latest plan.

Greece has already instituted the prior austerity plans and cracked down on tax cheats. Unfortunately, their largest industry -- they are international leaders in shipping -- continues to be tax exempt. For some reason, the Troika hasn't required them to tax international shipping. Some have speculated that could be because they deliver their benzes, audis and VWs worldwide via Greek shipping lines.

or at least not making it a requirement, so didn't realize that it was Greece refusing that.

Tough break for the shipping magnates, and about time. The Onassis's of the world have taken too much for too long.

On a personal note, my grandparents apparently were of the 1%. According to my mother, her father inherited a shipping fortune and refused to take it. Don't know what the family fallout was way back then, but my grandparents moved to the US post-WW1 and chose to be working poor instead of lazy rich.

My mother would have married better the 1st time around, and she hated kids so with her own money wouldn't have needed any, let alone 3, to seal the deal.

grandmother and her daughter, my mother, as well.

there was a time when I pined for them. I look back on those days and laugh

Nothing as far as I can tell.

and they don't need more austerity. Pensions already were cut 44%.

They need to tax the shipping industry, but Germany probably won't allow that because it might hurt German profits.

They need the same sort of debt write off that Germany got post WW2 -- 50%.

The current deal I read has 13% write-down. Just will drag out the suffering longer. I wonder if Syriza will survive this. They were voted in to end austerity/depression economics.

Or if they're still just buying time to figure out a way out of the eurozone, which is what really needs to happen.

which would be "crashing" out of the Euro-zone with no safety net, no preparations for any other currency, their banks virtually bankrupt, etc.

Unfortunate, that for the last five months, Tsipras and his "Minister of Awesome" as DUer Geek Tragedy so aptly called him, did nothing but bluster and posture from their ideological highhorse.

Instead of negotiating in good faith, they squandered all the credibility and trust they had with their negotiating partners.

Their untimely, rash, and futile referendum stunt was the expensive (€ 120m) frosting on that shit-cake, and now, this is the best they're likely to get--if they can even get this.

To bad they refused to consider the offer that was on the table two weeks ago and instead stalked out calling their interlocutors "terrorists".

We'll see...

Everyone knew austerity would cause a depression.

What type of "good faith" negotiations do you have with someone who is intentionally destroying your economy as a tactic to maximize profits?

Do you believe in expansionary austerity?

The preponderance of economic research indicated that austerity would cause a depression in Greece.

Start reading Paul Krugman's blog. He went through why all those cases are different.

With Greece it was and everyone knew it.

All the other cases were different for obvious reasons. I'm not going to walk you through the differences between every country in Europe.

speech to the National Assembly, pleading in favor of French support for the "cradle of democracy" and reaffirming France's "firm" commitment to Greece remaining in the Euro-zone.

Quite a few countries don't want to slap down another Euro cent on this particular table.

with her partners, that finding a way back across the yawning abyss will be VERY difficult.

The Germans are bound and determined to turn the Euro into a revived DM. The countries I have listed simply cannot sustain the Bundesbank flavor of monetary policy and come out of it with a functioning economy.

It is time for these countries to leave the Eurozone.

Schauble is at it again this morning trashing Greece. Keep it up. The more you bully Greece, the more people see the old German "attitude".

Their economies are on the mend and growing.

Italy has tightened some nuts and bolts and is growing as well.

They, like Greece, all want to remain in the euro-zone, for the trading facility it provides.

The euro has been a major boon to intra-European tourism.

Being a dollar user, you have no idea what it means to be able to travel from Helsinki to Malaga without having a ton of currency chicken-feed in your wallet.