Greece and Germany dig in

Germany and its austerity allies in the Netherlands and Finland have fired warning shots designed to head off any effort by the new Greek government of Alex Tsipras to reverse budget cuts and other measures initially put in place to win the 240 billion euro ($270 billion) bailout program for Greece.

Syriza wins in Greece and NOW the euro politics really begin

European stocks outside Athens shrugged off Sunday’s election victory in Greece by the Syriza party. Syriza has promised to reverse major parts of the austerity program imposed by the country’s creditors. That’s going to put the country on a collision course with Germany and other fiscal hardliners worried that any relaxation of the terms of the Greek bailout package will lead to backsliding on crucial economic reforms