The Greek Rorschach test
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The Greek Rorschach test
The Greek Rorschach test

The end of the bailout program offers crucial lessons for the future of the eurozone.

By MATTHEW KARNITSCHNIG 8/19/18, 6:00 PM CET Updated 8/25/18, 6:26 AM CET

BERLIN — There will be no parade, no teary farewells, not even a kiss from Jean-Claude Juncker.

Instead, Greece’s time as a de facto European Union colony will end on Monday as it began in 2010, with the stroke of an anonymous eurocrat’s pen.

Greece emerges from its eight-year, some €300 billion “rescue” regimen with a debt load many economists, including those at the International Monetary Fund, deem unsustainable. It’s also a vastly poorer country than it was when the EU stepped in, with its economy declining nearly 25 percent over the course of the bailouts (a performance that puts Greece in league with the likes of Venezuela, Libya and Yemen).

Despite Greece’s continued difficulties, many of Europe’s powerful regard the rescue effort not just as a success, but as a model. (...)

"The secret to happiness is freedom... And the secret to freedom is courage."

“My country, right or wrong; if right, to be kept right; and if wrong, to be set right.” Carl Schurz

"Both oligarch and tyrant mistrust the people, and therefore deprive them of their arms."

"Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must." Thucydides
2018 Aug 26 12:06
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