Portugal could avoid Greece's horrible fate if it were to draw the right lessons from the Greek experience.

Changing horses midstream is generally a risky proposition. Trying to do so in the midst of the eurozone debt crisis, where the economic and political stakes could not be higher, could prove especially hazardous. It will be even more so if careful thought is not given to the ramifications of the partial debt restructuring proposals that are now being happily bandied about.

Desmond Lachman explains the Greek and Eurozone debt crisis.

The collapse of the Papandreou government may undo European efforts to restructure debt and hold the union together.

A comparison between Greece today and Brazil in the past is of limited value, due to the number of fundamental differences between the nations' situations.

Twenty-first century economists blithely talked of the "risk-free debt" of governments, and European bank regulators set a zero-capital requirement on the debt of their governments. The manifold proof of their error is that banks and other investors are now taking huge credit losses on their Greek government bonds. The only question is why anybody would be surprised by this.

A banking crisis in Europe, coupled with a renewed European economic downturn, will have serious implications for the global economic recovery.

Christine Lagarde should substantially change the IMF's policies toward Greece.