This might help...  

Are you sick of hearing about the Greek crisis affecting corn/soy/banana prices and you realize you have no idea what the heck is going on except the hardworking Germans are being asked to bail out crummy, corrupt Greeks?

Felix Salmon, one of the best econobloggers in the world of finance deploys some rubber ducks to educate you.




The most interesting part for me was the statement that bondholders have agreed to a 50% haircut.  That's pretty harsh, but essential to a resolution. Like our mortgage mess here, there must be some liability for foolish lenders, IMHO.