The Greek central bank has warned the country will be put on a “painful course” if the government and its international creditors fail to reach an agreement on an aid-for-reforms deal. David Pollard looks at the latest developments.
This is a story that does not deserve to be derided by whines of “I’m sick of reading about Greece” and “If it weren’t for Greece”, blah, blah, blah. The next B level economic number that HFT traders can jump on is not more interesting nor important. This is a Western democracy, member of NATO and the euro zone in the throes of social and economic revolution. Their problems go to the very heart of EU problem resolution ability and, in the best case scenario, could lead to the fiscal union measures that finally make the EUR truly viable.
On the other hand, it could all go terribly pear shaped, threatening political stability and the balance of power on the continent.