Thomas Molloy: Greece may hold cards, but everyone's bluffing
IT is the moment every parent dreads. Provoked for hours by a naughty child, the exasperated parent snaps and threatens a punishment so extreme that it can never be carried out because it isn't possible to cancel Christmas or return the dog to the pound.
Everybody knows the threat is empty but the parent must wait and see whether the errant child pretends to buckle or looks up with derision and carries on with their mischief.
Europe's mildly dysfunctional first couple, German Chancellor Angela Merkel and French President Nicolas Sarkozy, finally lost the rag on Wednesday when they threatened Greece with banishment from the euro -- a threat so extreme that deep down they knew implementation was impossible.