Greece being pushed out of Eurozone; 

default lurks:

Antonis Samaras, Greek Prime Minister

The implementation of direct bank recapitalization by the European Stability Mechanism will force Greece out of the Eurozone by mid 2013.

The new ESM mandate, expected to be ratified in December 2012 at the next EU summit, may be focused on a new and creative way to aid Spain and Italy by providing direct recapitalization of weak banks and thereby bypassing the burden of carrying large debt obligations on their respective country’s balance sheets, but it may become a sword of Damocles for Greece.

Under the new mandate, Greece, the recipient of bailout funds from the international lenders, European Central Bank, International Monetary Fund and European Union known as the Troika, will not be eligible to apply for ESM aid and will therefore continue to carry the outstanding debt on its balance sheet