59. The crunch in Greece.

Greece is, possibly, on its last legs. On Friday it needs to repay the European Central Bank 5 billion Euros. As it cannot borrow in international markets, it wants to borrow from Greek banks. The problem: the banks do not have enough cash to lend. To get the cash they need to provide a collateral, but they are also out of good collateral. So the collateral requirements need to be relaxed. In the end, they will most likely manage, and the funds will come from the ECB.
In other words, ECB will lend to others to have its own loan repaid by the Greek government.
It is similar, but not exactly the same, as a Ponzi scheme. In the Ponzi scheme, nobody knows the schemer borrows to pay of earlier debts. Here it is in the open.