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It's a good old fashion standoff, and this time it's on the world stage. Germany and the European Central Bank (ECB) want Greece to tighten further. Specifically they want Greece to add 1% to 2% to its value-added tax and cut wages further in exchange for financial assistance.
Greece is balking. They want to postpone any decision on further measures until mid March when officials from the European Union, ECB and the International Monetary Fund complete their inspection of Greece's deficit cutting plans.
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