A thesaurus, a thesaurus, Europe's currency for a thesaurus.For the second time in a week, talks between Greece and Europe have broken down over the semantics of whether a short-term bailout would be an "extension of the current programme as an intermediate step" or an "extension of the current loan agreement, which could take the form of a four-month intermediate programme." The first is what Europe wanted, and the second is what Greece would have accepted. Now, it might seem silly that a disagreement over the order of the words "intermediate" and "programme" could force Greece out of the euro—aren't they just a thesaurus away from a compromise?—but this is a real political problem. Both sides want a deal, but neither wants the other to be able to say they got the better of it. So their rhetoric is hardening, and the game of chicken is still on.Read full article
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