Hoosier's note: I joked with my friends that the Greek debt problem is basically this,
"Greece is spending freely on a Credit Card issued by Germany (representing the Eurogroup). And, now, not only is Greece unable to pay its Credit Card debt, Greece is asking Germany to write off the Credit Card debt and increase its Spending Limit at the same time!!!"
Greek Prime Minister Alexis Tsipras is correct to believe that the Eurogroup will not allow GREXIT, and, that's the ONLY bargaining chip that he has. (A GREXIT would have led to the TOTAL COLLAPSE of the Eurozone)
Unless Tsipras has approached China by saying to China, for example,
"We will stop using the EUR and we will use RMB (or CNY or Renminbi) instead."
If China agrees to that, then and only then can Tsipras tell Germany and the whole Eurogroup to fuck off.
Of course, I am simplifying the situation here, but you get what I mean.
To me, it is very clear that Tsipras did not have the financial support from either China or Russia, otherwise Tsipras would NOT have to call the Referendum (the Greek Referendum to say "NO" to the bail-out conditions laid down by the creditors), i.e., Tsipras could have said "NO" to the Eurogroup without having to seek the consent from the Greek people.
I think the Greek Debt Crisis will definitely come back to haunt us. And, if a small country like Greece can create havoc in the financial markets all over the World, you should be able to understand why I kept saying that we are living dangerously!
Let me remind you once again, another Stock Market Crash will definitely happen again. And, in my opinion, the next Stock Market Crash will occur [almost immediately] after the US Presidential Election in November, 2016.