CRUNCH-TIME IN GREECE AND THE EUROZONE...

1 - Greek Prime Minister Lucas Papademos told lawmakers to back a deeply unpopular EU/IMF rescue in a vote on Sunday or condemn the country to a "vortex" of recession.

2 - Eurozone ministers say MPs must approve it before Greece receives €130bn (£109bn) in bailout funds. They are also demanding further budget cuts of €325m before Wednesday's meeting of the Eurogroup, when Brussels is due to decide whether to give Greece the money it desperately needs.    

The politicians in Athens had little choice. Unemployment figures released last week showed that the number out of work had risen to 20.9 per cent, while Greece's manufacturing output fell by 15.5 per cent in the year leading up December. Behind closed doors EU officials were debating suggestions that Greece exit the eurozone and drawing up plans for an "orderly default".

IMHO, AN ORDERLY DEFAULT WAS THE GOAL ALL ALONG; WHAT WE'VE SEEN THESE LAST FEW MONTHS WAS ALL THEATER MEANT TO PREPARE THE MARKETS FOR AS SOFT A LANDING AS POSSIBLE.

ULTIMATELY THE END OF THE EURO WILL BE GREAT FOR GREECE AND EUROPE, BUT ENDING THE EURO-EXPERIMENT WILL MAKE THINGS VERY TOUGH AS IT UNWINDS.

SIGH.