Greek Economic Deadlock

Who will blink first?

There's apparent deadlock between Greece and its euro area partners, especially Germany, right now.

The new Greek government can't afford to pay its bills. It will need another bailout within weeks. But it's not keen on the strings of austerity that would come with it.

Germany though is adamant Greece must pay back what it owes, and stick to its promises on economic reform.

That's the background to today's emergency meeting of the single currency's 19 finance ministers in Brussels.

So where will this modern-day Greek odyssey go next?

For an international perspective, we speak to the veteran American economist Irwin Stelzer at the Hudson Institute in Washington.