Austerity futile in face of Greek default

Greece is once again teetering on the brink. It was supposed to agree a €130bn bailout deal with the EU/IMF on Monday. It has been postponed twice. The deadline is Feb 15.

Greek politicians are nervous. They feel that they have not even had time to read or consider the agreement properly, which will saddle them with another mountain of debt, on top of the €110bn bailout it already received in May 2009.

Meanwhile, there are huge protests on the street. The situation is tense. EU leaders are holding their breath waiting for a Greek signup.