Wednesday 18 October 2017

Sauce for Greek goose must also do for German gander

Finding a better way will be essential if the euro itself, never mind Greek membership, is to survive
Finding a better way will be essential if the euro itself, never mind Greek membership, is to survive
Brendan Keenan

Brendan Keenan

THE only definite conclusion to be drawn from the latest Greek crisis is that this is no way to run Europe - or anything else. Finding a better way will be essential if the euro itself, never mind Greek membership, is to survive.

Each crisis threw up different issues, but no clear conclusions are drawn and no abiding rules are put in place. In the Irish case, senior bank creditors were protected; in the Cypriot case they were burned; in the previous Greek crisis, there was a debt default.

If, heaven forbid, there was to be an Italian crisis, would any or all of these conditions apply? No one knows, but most people would presume that another fraught round of negotiations would produce yet another set of solutions.

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