{"id":29210,"date":"2015-08-20T17:06:53","date_gmt":"2015-08-20T15:06:53","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=29210"},"modified":"2015-08-20T17:07:20","modified_gmt":"2015-08-20T15:07:20","slug":"29210","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/29210\/","title":{"rendered":"Is the Greek Bailout Deal a One-Night Stand?"},"content":{"rendered":"

Wolfgang Streeck writes: \u00a0Now the dust has temporarily settled over the ruins of Greece\u2019s economy, it is worth asking if there wasn\u2019t a brief moment when the actors had found a way to cut the eurozone crisis<\/span>\u2019s Gordian knot. At some point in July German finance minister, Wolfgang Sch\u00e4uble,<\/span> appeared to have realized that his dream of a \u201ccore Europe\u201d with a Franco-German avant-garde would vanish into thin air if Greece was allowed to remain in the economic and monetary union. Rewriting the rules of\u00a0the union to accommodate the Greeks, Sch\u00e4uble realised, would pull the euro southwards, and France, Italy and Spain with it \u2013 forever breaking\u00a0up the European core.<\/p>\n

His Greek equivalent Yanis Varoufakis, for his part, may have learned from his encounters of the third kind with the Eurogroup<\/span> that the only role there was for Greece in the Europe of monetary union was that of an underfed and overregulated welfare recipient. Not only was this incompatible with Greek national pride; more importantly, what the governors of Europe would be willing to offer the Greeks by way of \u201cEuropean solidarity\u201d would, at best, be too little to live on, \u00a0 <\/span>The deal Sch\u00e4uble offered in the last hour of July\u2019s battle of the euro might have been worth exploring: a voluntary exit (an involuntary one not being possible under the current treaties) that gave Greece<\/span> the freedom to devalue its currency and return to an independent monetary and fiscal policy, plus emergency assistance and some restructuring of the national debt, outside of the monetary union to avoid softening its rules by creating a precedent. A generous golden handshake might have also been an idea, protecting Germany from being blamed for having plunged the Greeks into misery or driven them into the arms of Vladimir Putin. \u00a0\u00a0Future of Eurozone<\/a><\/strong><\/p>\n

\"Is<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wolfgang Streeck writes: \u00a0Now the dust has temporarily settled over the ruins of Greece\u2019s economy, it is worth asking if there wasn\u2019t a brief moment when the actors had found a way to cut the eurozone crisis\u2019s Gordian knot. At … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-29210","post","type-post","status-publish","format-standard","hentry","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t