More Greek tragedy

The Greek government took another step toward collapse after the three-party coalition barely eked out support for new austerity measures amid defections and expulsions of party members who refused to go along with policies that look more and more like economic and political suicide.

The vote followed a 48-hour "general strike" that was more like a riot as the hapless Greek politicians followed a script written by the rigid and benighted Germans. Wolfgang Schaueble deemed it unlikely euro zone ministers would be able to release the next installment of bailout funds at their meeting next week.

The new round of brinkmanship in Greece has hit markets on both sides of the Atlantic. The revival of the euro crisis with the post-election focus on the fiscal cliff in the U.S. has created a double whammy for stocks.