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America’s police on trial
Greece and the euro
The euro is still vulnerable, and Greece is not the only problem
IT WAS almost exactly five years ago that the euro crisis erupted, starting in Greece. Investors who had complacently let all euro-zone countries borrow at uniformly low levels abruptly woke up to the riskiness of an incompetent government borrowing money in a currency which it could not depreciate. There is thus a dismal symmetry in seeing the euro crisis flare up again in the place where it began.
The proximate cause of the latest outbreak of nerves was the decision by the Greek government, now headed by the generally competent Antonis Samaras, to advance the presidential election to later this month. The presidency is largely ceremonial, but if Mr Samaras cannot win enough votes in parliament for his candidate, Stavros Dimas, a general election will follow. Polls suggest the winner would be Syriza, a populist party led by Alexis Tsipras. Although Mr Tsipras professes that he does not want …
Link to article: www.economist.com/news/leaders/21636036-euro-still-vulnerable-and-greece-not-only-problem-crisis-revisited?fsrc=rss