Eurozone: Running Out of Options

As a follow-up to my post-- In Greece Nothing Succeeds Like Failure: "OK, Greece had an "orderly default." Problem solved? Hardly" -- Paul Krugman in Sunday's New York Times paints the picture just as clear:

What Greece Means - NYTimes.com: " . . . You may ask what alternative countries like Greece and Ireland had, and the answer is that they had and have no good alternatives short of leaving the euro, an extreme step that, realistically, their leaders cannot take until all other options have failed — a state of affairs that, if you ask me, Greece is rapidly approaching. . . . " (emphasis added)

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