Greece and Portugal are deeper in debt than previously estimated, according to official figures that show attempts to contain their financial woes have so far failed.I'm not sure who's doing the estimating but I think they need to get another job. It's pretty obvious Greece is essentially bankrupt and is, along with Spain, being less than honest about the depth of its financial situation. A default is on the cards for Greece in particular:
Most economists consider a Greek default a foregone conclusion, with either some debt forgiveness or a radically longer timetable of repayments. They argue only about the timing.The Euro maybe a train crash in slow motion, but it's still a train crash.