This a.m. Atrios highlights an op ed at the Financial Times by Wolfgang Münchau pointing out that Greece now faces the bitter choice of defaulting if it wants to preserve any pretense of democracy and national sovereignty. That follows a week or more of intimidating and insulting comments by German financial minister Wolfgang Schäuble and others

A variety of links to articles/interviews/speeches on current topics that may be of interest.

New statistics out of Greece show that austerity shrunk the economy more than expected last year. GDP in Greece fell 6.8% in 2011, and a slightly faster 7% in the fourth quarter. The country is in a fifth straight year of recession, approaching a full-on depression.
European leaders are still trying to impose more austerity, but some Eurozone finance ministers may be trying to force a default and exit from the euro.

Last week several groups, including the United Steelworkers, petitioned the federal government to whack the latest trade mole – illegally traded auto parts from China.

With President Obama announcing creation of a new trade enforcement unit in his State of the Union Address, the feds probably will investigate. But even if they whack down the auto parts mole, experience has shown a new mole will pop up.

A roundup of US and world news that happened before Rick Santorum’s anti-women’s, anti-universal health care, anti-safety net but I’m still moral crusade kept the GOP primary going. In the real world, there’s unemployment, a bank settlement, housing policies, Afghanistan, a stuck transportation bill, Germany vs Greece, Feingold vs SuperPacs and much more.

Greek bailout talks have deadlocked again, but at the moment the culprit is not the hedge funds seeking a higher payout on the distressed debt they bought, but the “troika” of the EU, ECB and the IMF. They gave Greece a Monday deadline to accept bailout terms. And those terms, frankly, are totally insane.

Yesterday, 25 of the 27 Eurozone countries signed a fiscal consolidation pact that almost immediately drew scorn from observers as inadequate and largely irrelevant to the problems of the continent, including the absence of growth stimulus policies and means to address internal trade imbalances.

After fits and starts, Greece may be on the verge of a deal on its private sector debt. Greece will apparently get the lower interest rate it wanted out of its creditors, though not all of them will participate, and the ECB is refusing to take the same haircut on the debt it holds. Meanwhile Greece is agreeing to impose even more austerity measures, to meet arbitrary debt limits, even though their economy is in depression.

There is much to say about this week’s Frontline documentary, “Nuclear Aftershocks,” and some of it would even be good. For the casual follower of nuclear news in the ten months since an earthquake and tsunami triggered the massive and ongoing disaster at Japan’s Fukushima Daiichi nuclear power station, it is illuminating to see the wreckage that once was a trio of active nuclear reactors, and the devastation and desolation that has replaced town after town inside the 20-kilometer evacuation zone. And it is eye-opening to experience at ground level the inadequacy of the Indian Point nuclear plant evacuation plan. It is also helpful to learn that citizens in Japan and Germany have seen enough and are demanding their countries phase out nuclear energy.

But if you are only a casual observer of this particular segment of the news, then the Frontline broadcast also left you with a mountain of misinformation and big bowl-full of unquestioned bias.

Maybe we need a “Ya Think?” of the day, going to the article that shows the best grasp of the obvious. If so, the article with the headline In Greece, fears that austerity is killing the economy would win.