The head of the Eurogroup of Finance Ministers is warning Greece to come up with a credible debt restructuring package.  Needless to say, the European Union will define credibility and not Greece.  The country may have its citizens behind it, but they are bit players in the drama taking place.  Greece’s prime minister is scrambling to come up with a new proposal that he can take to Brussels, but there isn’t much he can do if the rest of the European Union decides that it is too little too late.  The EU’s dilemma is that it doesn’t want to set a precedent of being too easy on a debtor nation lest others follow the same path of resistance.  The EU’s own credibility is at stake.  So the negotiations will wind on for weeks more and each side will strive for something it can take home.  The reputations of both bodies are at stake.  It is not a good position for either side to be in.

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