Whatever happens next, the Greek crisis has strained Europe to its limitsThe Greek crisis began like the proverbial cloud that was no bigger than a man’s hand and has grown into a perfect storm which has shaken Europe to its foundations. Regardless of the final outcome of the negotiations, what unfortunately can be said with certainty is that the union’s fault lines have all but burst under the pressure.Between France and Germany, between north and south and east and west in the union, and even within nations, there are now profound differences, only potential before, which it will take a long time to resolve. The past few days have seen Paris commit itself to keeping Greece in the euro and the union in a way which puts President François Hollande on a collision course with hawks in the German government, headed by the finance minister, Wolfgang Schäuble. France’s mentoring of Greece as that country made its own final proposals did not seek an easy or soft arrangement, but nor did it envisage Greece’s reduction to the status of a debt colony, not too different from the conditions once imposed on Egypt and China in the imperial era, with foreigners in controlling positions in its economy. Continue reading...
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