Greece

'Freedom or Death' is the motto of the Hellenic Republic, and in the next few months the people may be pondering the choice more often than usual.

Angela Merkel has got her way and there will be, effectively, no bail out of Greece by the eurozone. The IMF is the first line of defence, after which direct country to country loans can be made (Get your chequebook out, Cyprus) provided all 16 agree.

According to Martin Wolf in the FT the final obstacles were that Greeks retire earlier than Germans and that a huge chunk of debt had to be renewed just at the time of elections in North Rhineland-Westphalia.

But the IMF is known for imposing tough measures on its patients. What will happen if it tells Greece to devalue and therefore leave the eurozone?