Tuesday, January 6, 2015
Two years on, a Greek exit is even likelier
January 6, 2015
Greece’s leftwingers and many eurocrats think there could be benefits if Athens quit the euro. Both are wrong
Before we begin I should make a confession. Two and a half years ago, when Mario Draghi ended the euro crisis, I nearly missed the story.
I was there, at Lancaster House in London, when the European Central Bank president pledged to do “whatever it takes to preserve the euro”, but my mind was not. Moments earlier, a leading policymaker from the so-called troika, which led Europe’s bailouts, had taken me aside and whispered that Greece was on the brink of leaving the single currency.