Greece Redux
|The conventional view of the standoff between Greece and its creditors is that Greece needs Europe far more than Europe needs Greece. That, in the end Germany will dictate terms to Athens. On the surface Greek leverage is nil. But dig a little deeper and view the conflict not in strictly financial terms and Greece’s position and leverage vis-a-vis Germany and the Europeans improves enormously. The only catch is that Athens must threaten Armageddon, and be believed. A Greek departure from the EMU would shatter the inevitability of the ‘ever closer union’ and the fondest dream of two generations of European politicians. Greece has the power to unmake the European world. Will the Germans and Europe’s political leaders really let that happen? Join us for a final (we hope) examination of the Greek and European debt crisis.
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