Milos Bicanski/Getty Images
ATHENS, GREECE - FEBRUARY 12: People clash with police in the streets during a demonstration against the new austerity measures on February 12, 2012 in Athens, Greece. Greece's creditors have demanded further austerity measures before approving a new bailout from the European Union, European Central Bank and International Monetary Fund amid renewed concerns the country may default. (Photo by Vladimir Rys/Getty Images)
Here's the quote of the past weekend (from Bloomberg), stemming from the latest Greek bailout deal:
The euro area has...“bought time” for countries such as Portugal to prove they are more creditworthy than Greece and to erect stronger defenses in the form of a larger bailout fund, said Carsten Brzeski, an economist at ING Groep in Brussels.
“The often-cited Greek can has again been kicked down the road,” he said. “The good thing is that the can is still on the road, but it requires a huge amount of stamina and patience to keep it there.”
Translation: We're going to playing kick-the-can for...another eight years at least? Because it's hard to see Greek reducing its debt from the current 160 percent of GDP to 120 percent until then. The obvious question is, "Just how much road have we got it?" And, "Will that can hold up to another decade of kicking?"