Tuesday 24 January 2017

Greek crisis is political, with the potential to tear EU apart

Published 22/06/2015 | 02:30

Crisis: Greek Finance Minister Yanis Varoufakis
Crisis: Greek Finance Minister Yanis Varoufakis

The Greek Finance Minister Yanis Varoufakis laments the failure of the Eurogroup to listen to his proposals even whilst they themselves have been kept in the dark about what "the institutions" are proposing. Apparently, no substantive discussions took place on what either "the institutions" or Greece were suggesting as the way forward.

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A majority of the Eurogroup ministers appear to have decided, in advance, that Varoufakis is not someone they can "do business with". But perhaps the ministers couldn't address, never mind resolve, the Greek crisis because at root it isn't a financial crisis, it is a political crisis which effects the whole European project. If this all goes horribly wrong, we will have Greece spinning, out of control, into the Russian orbit and with politicians such as Varoufakis in exile, jail, or worse.

The EU, meanwhile, will start to fall apart with nationalist governments, led by the UK, doing their best to break it apart.

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