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OPINION

The Achilles Load

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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Once known for its determination in war as told in the Iliad, Greece is fighting a battle in which it will lose, no matter the outcome.

The country has used every trick in the bag from demanding reparations for Nazi atrocities, to saying it refuses to be a colony to the continent and Germany. The fact of the matter is, Greece allowed itself to become a vassal state long ago.

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The bottom line is the country has proven Margaret Thatcher right and now that they have run out of their money (and other people's money), the question is, what comes next?

The sums are hard to wrap your arms around; the Greek government has more than 315 billion Euros in general debt.

The country has already taken some serious hits via austerity measures needed for a series of bailouts. Now, it is saying no more.

The thing is, a lot of countries had to swallow their pride and make sacrifices for bailouts, including Ireland and Portugal, which may explain why both nations are continuing to play hardball, right up there with Germany.

Both countries lived up to their obligations for bailouts and now unemployment is turning lower, and Ireland even issued a tax cut in its 2015 budget.

In fact, Greece is far less relevant than seven years ago, underscored by the vast gap between their bond yields and other potential "dominoes." I suspect it is inevitable that Greece has to go on its own as they are simply in too deep. But right now, the market wants to simply sweep it under a rug, and focus on the next big debt crisis… ours.

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Ten Year Yields
Greece10.36
Portugal2.38
Spain1.41
Ireland1.20
United States2.14

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