Greek rebellion greeted by left and right as 'kick in the ass' for Euro elites
Angela Merkel's insistence that austerity economics must be implemented to the letter across swathes of Europe is creating a most lethal form of risk - political risk. It threatens not just the political systems and office holders of those countries that earn her displeasure. It threatens the holders of investment capital as well.
In Ireland, the old 'two-and-a-half party' system has collapsed. Fine Gael, Fianna Fáil and Labour together rate just over 50pc in the polls. Just as overly rigid economic policies drove Europeans to the political extremes in the 1930s, here in Ireland voters are flirting with Sinn Féin and with putative political formations that have no real existence.
The word Syriza is an acronym meaning 'coalition of the radical left.' The party is an amalgam of 20 or more mainly far-left splinter groups. As a reaction to poverty, corruption and mismanagement, Syriza is no isolated case.