How Politics Will Seal the Fate of Greece

The crisis in Greece increasingly centers around politics even as the economy continues to struggle, frustrating other members of the European Union and contributing to uncertainty for global investors. Many investors and politicians are planning for how they might proceed should Greece leave the European Union. Writing for the Financial Times, Philip Stephen notes: “the rest of the eurozone has concluded that Athens is unable or un¬willing – probably both – to implement an economic reform programme. The problem is not so much the debt, nor even the pace of deficit reduction, but Syriza’s refusal to embark on reform.” Reformers in Spain, Portugal and Ireland – countries that endured austerity measures – expect similar sacrifices from Greece. Many Europeans balk at additional rescue measures. The big problem for the EU: Letting Greece go could give Russia a strategic opening. Greece has lost control, time is running out, and Greek leaders must determine which master they must please. – YaleGlobal