As the EU and the IMF are digging deeper into Greece's finances, we find that the Greek debt crisis is worse than previously thought.

Here are the most recent developments:

• Greece's budget deficit of 32.24 billion euros is 13.6% of GDP, not the 12.77% previously stated. Plus it still may be revised upward by .3 to .5% Nick Kounis of Fortis said: "It looks like a terrible situation just got worse."

The Greek bailout is now urgent. European Union and International Monetary Fund negotiators are meeting via teleconference on Monday and a team will be in Greece for two weeks to hammer out the details of the bailout.

Why such urgency? On Tuesday Greece is issuing $2 billion in three-month government bonds. Last week the cost of Greek financing rose in international markets. There is fear that borrowing costs will continue to rise.

Germany, the European Union member with the largest and strongest economy, should get off their high horse and support Greece, not the International Monetary Fund (IMF) -- which to a large extent is the United States.

Greece is on the brink of disaster and for some reason the German government, following the sentiments of the man on the street, is willing to let the chips fall where they may. They do not seem to be able to grasp that the EU ship can only sail in one direction at a time and that half a ship will not sail at all.

Most of this past week the stock market was erratic. News from Asian and American Markets was generally positive, sending the indexes higher, until unsettling news from the European Union let the air out of the tires, resulting in 100 point swings of the Dow Jones Industrial Average, which ended Friday up about 50 points for the week at 10,850.36.

Each day started upbeat and then we would hear about Greek debt, bonds coming due, Germany pushing for IMF participation in any plan to help Greece. Finally when this looked to be settled, we then got news of economic turmoil in Portugal. This activity stimulated me to write the following recent commentary: