Greeks may talk big, but they have no stick
Speak softly and carry a big stick, they say. The new Greek government has instead been making a lot of noise, but the truth is it carries no stick worth talking about.
It does have a mandate from the Greek electorate and, many would say, a strong moral position, not least from Germany's own history on debt default and forgiveness. But none of that constitutes a weapon in what has turned out to be a grim diplomatic battle.
Battle has been joined much more quickly than expected. The decision by the European Central Bank to remove the concessions it had made on lending to Greek banks turned what was a fierce argument into a full-blown crisis.
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