Move Over Brexit: Standoff With Athens Revives 2015 Grexit Talk

Nikos Chrysolaras, Bloomberg, 12.02.2017

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With Greece poised to miss a deadline this month that would conclude a review of its latest bailout, the government of Alexis Tsipras risks reprising the antagonistic relationship with his country’s creditors that nearly knocked the nation out of the common currency in 2015. [...]

Even though the European institutions have disagreed with IMF projections and said Greece didn’t need the extra measures to meet requirements set out in its 86 billion-euro ($92 billion) bailout, they have fallen into line to keep the fund involved, according to a person with knowledge of the talks. Blaming the IMF for the deadlock is a strategy that may not work anymore as Tsipras faces a more aligned group.

“There is a risk that the Greek government misreads key creditors such as Germany and the IMF and is too uncompromising on the reforms being demanded,” Janis Emmanouilidis, director of studies at the European Policy Centre in Brussels, said in an interview. “In the worst case, this would make it unnecessary for the euro area and IMF to bridge their differences and could revive the danger of Grexit.” [...]

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