It becomes clearer every day that Greece will need a new bailout plan to survive through 2012. Their budget deficit in 2011-2012 is 21.1 billion euros or 9.5% of their gross domestic product. The population is not taking the necessary course to make themselves eligible for private loans. For instance, they can't improve tax collection. Right now Greek bonds are rated as junk. The EU and the IMF must bail them out.
What to do will be at the top of the agenda at the meeting of EU finance ministers this week.