"Under the bailout conditions adopted last year, Greece needs to cut public sector workers by 25,000 in 2013 and a total of 150,000 by the end of 2015.
The job cuts have sparked friction with Samaras' junior coalition partner Fotis Kouvelis, head of the moderate Democratic Left party, who is citing Greece's soaring unemployment rate.
"Facing a sixth consecutive year of recession, the heavily-indebted country has been relying on international rescue packages to avoid bankruptcy.
A return to growth initially foreseen for 2012 is now not expected before 2014."
And they still may have to leave the Euro:
"BERLIN (Reuters) - Greece remains the biggest risk for the euro zone despite a calming of its economic and political crisis and may still have to leave the common currency, a senior conservative ally of German Chancellor Angela Merkel said."
Essentially, the Greek entitlement state has failed and is being bailed out by its creditors who are demanding that it be less of an entitlement state as a condition.
Investor Jim Rogers has said many times that Merkel is doing things in Germany to make things look better and that after the election this year it will begin to deteriorate there too. However, I'm not sure what the Germans are doing.
There is no question what's happening here, though. "Helicopter Ben" is printing $85 billion a month and keeping interest rates at nearly zero. The burning question among many financial types is which will happen first: a bond crash, a stock market crash, a dollar crash, or any combination of the three.
Any way you slice it, this will not end well.