Without a deal between Athens and Brussels and the IMF on economic reforms and repayments of loans within the next couple of months a Grexit or Graccident would be the most extreme outcome. We cannot rule out that the parties will fail to find a solution seeing as how the Greeks are dawdling and in the light of the harsh words uttered by, among others, Germany.
George Osborne may be right to boast that opposition to what he's doing is "crumbling", after Ed Balls agreed to work within the coalition's spending limits. The Chancellor would enjoy further clout after the IMF and OECD rallied behind his deficit reduction plan. But such groups have tended to be rather fickle in their support for the Chancellor. Osborne should beware relying on fairweather friends as justification for his economic agenda, as they can easily turn against him.
Mohamed Morsi's presidency in Egypt was brought down by his failure to turn the country's ailing economy around after a year in office. But turning Egypt's foreign-aid and foreign-investment dependent economy around in the context of a global economic crisis and on the back of a revolution was never going to be easy.