It's one minute to midnight for the euro. The standoff between Greece and its creditors, led by Germany, looks increasingly like it could lead to the first nation exiting the common currency.
The new Greek government's suspension of state-asset sales and plans to rehire government workers and increase wages hasn't helped negotiations. But it's German intransigence that's forcing Greece into a financial corner from which the only escape may be Grexit.
Why is German Chancellor Angela Merkel seem so relentlessly uncompromising? Three possible explanations: