Greece and the EU in a high-stakes poker game

Christoph Hasselbach, Deutsche Welle, 13.06.2012

Link to original article


What once seemed unthinkable is now being discussed openly in Brussels. Greece could leave the eurozone following parliamentary elections on Sunday. All sides are playing a high-stakes game of poker. […]

Most politicians and experts have warned Greece against the consequences of an exit. Janis Emmanouilidis fears that Greece would face even greater suffering.

"Returning to the drachma would lead to enormous upheaval," since the euro has served as a brace "that even during the difficult periods of the crisis has held society together," Emmanouilidis said.

But if Greece wants to hold on to the euro, and the EU would like the country to remain in the currency union, then shouldn't a compromise be possible? Emmanouilidis believes it is a possibility, noting that even Tsipras has tempered his rhetoric to a degree. But he still sees a risk in what he terms a "political wreck" - namely, even a compromise could be rejected by some EU states or by the Greek people. And that could lead to a situation in which "the crisis intensifies, with more countries getting pulled in so that ultimately the euro itself comes to a tipping point."

For the entire article see here.


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