Monday, July 06, 2015

I applaud the Greeks

Their no vote will bring a lot of uncertainty and may end up with Greece leaving the Eurozone but at last, a Mediterranean country has stood up to Brussels and more to the point, Germany and said enough is enough. Enforced austerity has been shown to be ineffective so why do the Germans in particular keep turning the thumbscrews on countries like Greece?

OK, the Greeks have probably the worst record of managing an economy out of all of the European countries and their Finance Minister (who has now resigned) did them no favours during negotiations but in the end, the Greek people are the ones who have suffered and continue to suffer.

The problem now for European leaders is how to deal with this. Do they back down and lose face or do they grin and bear it knowing that the result could be a Greek exit and may even topple the whole Euro project. That is the last thing that Angela Merkel wants - the ball is in her court. 

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