I believe the only possible reason the creditors have not already caved is that they have seriously underestimated the views of the Greek people. The Troika believe it is not rational for the Greeks to default and this be thrown out of the Euro and the EU. But most of the Greek people have nothing to lose. Youth unemployment is over 40%, pensions are being slashed, asset prices are collapsing and the economy is back in recession. For most Greeks they may not want to leave the EU, but the never-ending pain required to stay in simply is not worth it. As has been pointed out frequently over the ages, there are few things more dangerous than a man who has nothing to lose. The Greeks are not going to blink first.
No comments:
Post a Comment