Greece deserves credit, but debt's an issue

"Take the troika's forecasts of Greek GDP with a hefty pinch of salt, because the economy is in free fall," said Simon Tilford, an economist at the CER in London. ... "There will be have to be haircuts on the loans made to Greece by the eurozone governments ... The contagion then to the rest of the eurozone would be very grave ... It's clear from what we've seen in Spain and asset prices across the south over the past week that the contagion risk is very clear."