Opinion Analysis

Friday 19 January 2018

Colm McCarthy: We should be very afraid for both Greece and Europe as chaos looms

The European Union must accept its share of the blame for the catastrophe that may engulf that country, writes Colm McCarthy

TODAY'S election in Greece could result in that country's exit from the single currency, possibly even from the European Union, and a descent into the turmoil and instability which marked its history through most of the 1900s.

If Greece is ejected from the eurozone it will be a disaster for Greece but also a tragedy for the European project, whose greatest gift to the people on the eastern edges of Europe has been political stability and the opportunity to heal the scars of history.

The current century started well for Greece. It joined the eurozone in 2001, promising the benefits of currency stability and greater integration into the European economy. The Balkan conflicts of the 1990s were being resolved and Greeks must have felt few regrets on departing the 20th Century.

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