Tuesday, November 08, 2011

Greece has a right to face austerity on its own terms

Aside from blaming politicians and bankers, Greeks are angry at Germany for making them a scapegoat for a larger crisis

For days now, Greeks have been indoors glued to their television sets, following the political "thriller" (as the channels like to call it) unfolding on the cliff edge of the country's threatened ejection from the eurozone. In case Angela Merkel and Nicolas Sarkozy hadn't put it plainly enough when they called George Papandreou on the carpet in Cannes, EU commissioner, Olli Rehn, issued his ultimatum on Sunday: Greece had 24 hours to form a unity government or be plucked like a festering thorn from Europe's side. As the tortuous negotiations between the leaders of the two main parties wore on, yet another deadline appeared: the moment when the markets would open in Tokyo. The unity government was duly announced, but the wrangling continues: it still has neither a leader nor a cabinet.

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