I usually present these stories with commentary, or in op-ed form. With this issue it's better that this story unfolds without a protracted narrative. Sure, Greece needs to cut back, but the storyline in real time helps to show that financialization on a global level - wealth extraction over wealth creation - dominates the show now.
Greece is just the canary in the mine ...
THE MESS IN GREECE
2010: In 2001-02 Goldman Sachs helps Greece mask her true debt with complex 'swap' deals - earning Goldman $300 million in fees - which allows Greece to borrow 1 billion Euros that don't show up as official debt (Der Spiegel).
2010: After arranging shady swap deals Goldman Sachs bought insurance and pursued other trades that protected it from a Greek loan default tied to swaps it arranged (Business Insider).
2010: The Big Picture ... Wall Street helps mask debt fueling Europe's crisis (NY Times).
May 2011: Greece 'cheated' to join Euro, former European Central Bank economist Issing says (Bloomberg).
June 2011: The pensions aren't driving the bailouts and restructuring ... Vulture funds to profit from a second Greek bailout (The Telegraph).
Dec. 2011: Federal Reserve makes hundreds of billions in "swap deals" available to European banks (through the ECB), while trying to avoid the appearance of bailing out the banks (Bloomberg / Mark Martinez).
Feb. 2012: How 'magic' made Greek debt disappear before it joined the Euro (BBC).
Dec. 2012: Alexis Tsipras, then leader of the Greek opposition, called Greece a "debt colony" forced to follow "criminal" policies, suggests post-WWII German debt restructuring option (Al Jazeera).
June 2015: Tsipras attacks Greece's creditors as pressure grows on debts (NY Times).
June 2015: 'It's going to be bad, whatever happens': Greece on edge as Eurozone exist looms (The Guardian).
Commentary: A default doesn't mean Greece being kicked out of the Eurozone. Here's why (The Guardian).