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The two leaders' respective supporters have upped the ante in the showdown this week. Bundesbank board member Thilo Sarrazin warned that if Greece cannot pay its bills, "it should do what every debtor has to do and file for insolvency." And the fiery Greek Deputy Prime Minister, Theodoros Pangalos, accused...
Other players have waded into the fray too. José Manuel Barroso, the European Commission president, has urged Merkel to agree on a package of "coordinated bilateral loans" for Greece - or risk harming the euro. European Central Bank President Jean-Claude Trichet and French President Nicolas Sarkozy have also dismissed...
Yet for many Germans, Merkel is right not to put their country's money on the table too soon, as it could lift the pressure for reform in Greece. "That would risk setting a precedent of profligate countries taking advantages of the others," says Silvio Peruzzo, a London-based analyst...
But even if Merkel says Greece is in no immediate danger, there are doubts about whether it can survive for much longer without outside financial help. Simon Tilford, chief economist at the London-based Center for European Reform think tank, says Merkel's brinkmanship is understandable given the political risks...
If Merkel blinks and that happens, Papandreou's audacious gamble will pay off. But it could be a long and nervous wait until she finally shows her cards.