Analysis: Alexis Tsipras and his negotiators are not playing by Europe’s established rules – and a Grexit could end up hurting the EU more than themGreece knows it. The International Monetary Fund knows it. Every European finance minister knows it. After the latest failure to secure a deal at the meeting of finance ministers in Luxembourg, the crisis is coming to a head. The unescapable facts are that between Monday and Wednesday, some €2bn (£1.43bn) left the Greek banking system – more than the €1.5bn in additional emergency financing provided by the European Central Bank this week. The banks are losing around 0.5% of their deposits each day and cannot sustain losses of this sort. They are on the brink of collapse. Related: Eurozone talks end without deal as Greek proposals rejected Continue reading...
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