Thursday 8 December 2016

Brendan Keenan: This is one game of poker the eurozone must not lose

Published 05/08/2011 | 05:00

ANYONE who has played poker knows the feeling. You place a significant bet, but someone else makes a bigger one. Do you accept your loss and quit? Or match the bet and play your cards to the end?

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The leaders of Europe, especially of the eurozone, are in that bind. They made a substantial bet when they provided a second bailout for Greece last month.

They increased the scope of the European rescue funds and constructed an elaborate system for taking some immediate debt pressure off Greece at minimum loss to the lenders.

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