To date, neither side has wanted to be the first to admit this reality.

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However, until they admit this reality, write off much of their debt to Greece, and allow that country to recover, there will be no resolution to the situation.

FORBES: Greek Tragedy Turns to Farce

At its policy-board meeting this week, the central bank was reluctant to admit that reality was at odds with its bullish view, though it acknowledged that momentum had slowed since its last outlook in October.

ECONOMIST: Decoupling 2: Japan

You can expect Sir Mervyn King to admit this basic reality in his speech at the Mansion House later on Thursday.

BBC: The Bank's push to ease credit

In their more thoughtful moments, Mr Obama and Mr Romney admit that global competition is a reality that cannot be wished away.

ECONOMIST: America and China

It was a reality she was too embarrassed to admit.

CNN: Rihanna speaks: 'Love is so blind'

As I made my way in the world, reality came close enough to my fantasy to allow me to admit my secret, at least to myself.

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