Open Europe reports that new Greek elections now seem likely as a technocratic caretaker administration takes over after failure of any party to form a governing coalition. However, it is hard for anyone to imagine a sustainable coalition resulting from the new elections, either.

The debate among German leaders is whether to pull the subsidy plug now or later. If money is cut off for Greece now the nation's economy could collapse even before the new elections. One wonders whether in that event the present number two party, the public employee-dominated Syriza, will gain or lose. Their whole claim is that Germany is bluffing. How credible will that claim be once the Germans follow through?

Whenever the collapse occurs and Greece pulls out of the Eurozone--or is thrown out--the cost to the French government alone is estimated at between 50 billion Euros and 58 billion, not counting private banks' exposure. The official amount alone comes to about $1,200 US for each Frenchman. Germans and Dutch will be hit for comparable sums.

Then, after Greece, comes potential collapses in Spain, Italy, etc.

The big spending gravy train is in a slow rollover.

Photo Credit: Getty Images