Coat of arms of Greece since 7 June 1975. (Photo credit: Wikipedia)

This is a powerful article from Costas Lapavitsas published online by the Guardian.

The eurozone endgame will begin in Greece | Costas Lapavitsas | Comment is free | The Guardian.

Personally, I think that this article is unduly pessimistic. I do not necessarily see a Euro breakup in 2013 but I agree that Greece will struggle with its austerity targets.

Whilst, I have every sympathy for the Greek people, the Greek political class are the real villains not the EU, Germany or anybody else. Perhaps, Greece’s terms can be softened a bit but I think that a further haircut will not happen, so the choice remains with Greece.

Surely, it is time to challenge the bloated and inefficient Public Sectors in many Mediterranean countries? For me, higher taxes to fund austerity will drive out any opportunities for growth.