Greece is close to that tipping point where almost whatever new austerity measure is implemented will fail.

BBC: Pity the Greeks

The new austerity measure are very unpopular with the Greek people.

FORBES: Greek Plebiscite Plunges Stocks

Greece and its private sector creditors have yet to agree on a plan to write down the nation's debt by 50% -- a measure austerity-hit Athens needs to secure additional bailout funds and avoid default on bonds due in March.

CNN: EU targets unemployment amid crisis

What is clear is the requirement now is not just for more revenue, it is for a certain measure of austerity and fiscal discipline.

FORBES: Maybe There is a "Silver Lining"

India's PM Manmohan Singh has been increasingly turning down requests for foreign trips by officials in what is believed to be a measure of austerity.

BBC: India ministers' foreign trips hit PM roadblock

U. facilitates monetary, not fiscal union, and the bailout of Greece was sold as a temporary and exceptional measure, linked to Greek commitments to austerity measures.

FORBES: Fiscal Follies: The PIGs Are At It Again

But Labour's shadow chancellor Ed Balls said the measure would not be enough to help without the Government also changing course on its austerity plans.

BBC: Bank shares jump on new business support plans