Wednesday 18 October 2017

As it stands, Greece can not continue in Eurozone

Syriza, in reversing some of its predecessor's reforms, has rung all the wrong bells with many European politicians

Game theory: The new Greek finance minister Yanis Varoufakis
Game theory: The new Greek finance minister Yanis Varoufakis
Colm McCarthy

Colm McCarthy

The latest instalment of the Greek drama has provided a fresh opportunity to watch the Eurozone's renowned crisis-management machine swing into action. Leaks, counter-leaks, threats to the banks, accusations of bad faith, grandstanding to domestic audiences, and late-Friday gatherings of tired officials and politicians in Brussels - it brings you back to the great days of the Cypriot crisis, the Spanish crisis, the Italian crisis, the second Greek crisis, the Portuguese crisis, the Irish crisis, and the connoisseurs' favourite, the first Greek crisis.

Friday's meeting at least produced breathing space and the opportunity to come up with something more coherent than the extend-and-pretend evasions of the last five years.

There should be no misunderstanding about the source of Greece's current woes. In May 2010, the then government, having admitted that its predecessor had falsified the public finance accounts, hiding the extent of debt and deficits, accepted and commenced to implement a deal drawn up by the European institutions and the IMF.

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