Greek crisis: time to stop grandstanding

THE ALCHEMIST

The Greek debt crisis is not going away. In fact, the stakes are rising, not just for the state itself, but for the EU more broadly, and for investors in the region.

Early expectations were the EU would fully back its fellow member. But it became clear there was resistance to providing support, in particular from Germany, where Chancellor Angela Merkel is facing difficult regional elections. Then, reluctant to accept the humiliating terms demanded by the EU, Greece clumsily tried to play the bloc off against a package put up by the International Monetary Fund. To Athens’ surprise, the fund and the EU quickly collaborated on even more exacting terms. Greece is now facing an immediate debt interest repayment of some $750m, which it has little hope o...