The New York Times refers to a ‘Greek Tragedy’, reporting that “Greece will have to give Europe all or most of what it wants. It cannot survive without Europe’s money, even if it chokes on Europe’s conditions”.
Moreover, the paper underlines that a stubborn standoff is playing out this week between a nearly bankrupt Greece and the wrongheaded European partners it needs to pay its bills.
The editor of the article emphasizes that Chancellor Angela Merkel of Germany, the main architect of Europe’s disastrous mismanagement of the euro-zone debt crisis, can keep pretending that harsher doses of fiscal austerity will restore Greece and Europe’s other troubled debtors to economic health, but the measures will likely do more harm than good.
“In a democracy, majorities can be mobilized against special interests if they can see the economic benefit to their own lives. By forcing all Greeks to suffer with no real prospects of relief, Europe is uniting the country, now beset by strikes, against further reforms”.
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