The ECB Just Got Tough with Greece. Uh Oh

Since the Greece debt crisis first blossomed in 2010, bulls have done all they can to dismiss it. The country is tiny, they claim, with a population of less than 11 million and an economy smaller than Lithuania's. Fears of a Greek exit from the euro, or "Grexit" in the lingua franca, have been similarly belittled, not only by the perennial optimists on Wall Street but by members of the European establishment as well.