This means an even more horrific squeeze on the people and I heard a BBC economics correspondent last night say that the 'good news' was that Greece had agreed to more austerity measures.

Grotesque.

'Eurozone finance ministers have made a series of demands for Greece to get a 130bn euro ($170bn; £110bn) bailout.

They said the Greek parliament would have to approve the terms of a package of cuts and reforms agreed with the EU and the International Monetary Fund.

In addition, Athens must find a further 325m euros in budget cuts by Wednesday, when Eurozone ministers meet again. Greek unions had already called a 48-hour strike, beginning on Friday, in opposition to the austerity measures.'

Read more: Greece Bailout: Eurozone Ministers Set Tough Conditions