Greek defiance may not simply be a bargaining position, it could be the result of political and economic difficulties in making changes
The events of this week have greatly increased fears of Grexit from the euro. Negotiations between the troika (the European Commission, the European Central Bank and the International Monetary Fund) and the Syriza government in Greece appear to have imploded despite fervent hopes that a last-minute solution would be found. If Grexit does in fact set off a slow-motion implosion of the broader European unification project, that would be a grave cost indeed. In this, the 100th year since the commencement of the First World War, it’s important that the participants in these negotiations think through the very long run implications of any current actions.