No doubt, Greece is in a precarious situation. Years of easy money, poor economic performance and an appalling level of governmental mismanagement have pushed the country right to the brink of collapse. To get out of this mess won’t be easy. It is going to be a painful journey. Nobody knows that better than the Greeks themselves. They also know that they need assistance. To ask for help is seldom easy and often distressing. The so-called Troika (IMF, ECB, EU) added insult to injury with the way it bullied the Greek government under Lucas D. Papademos into a deal which most economists agree will not work, because it is based on assumptions that are far too optimistic. Greece is expected to grow vigorously by 2014 out of tin air.
Recent events have shown that there is much more at risk than just a currency. We are about to lose our sense of shared responsibility. The European Community is based on democratic principles to deal with such issues, to curtail or even suspend them might damage the very foundations of our societies.
Yes, the stakes couldn’t be higher.