Archive for the ‘Greece’ Category

Greece and the Grexit


[update below] [2nd update below] [3rd update below] [4th update below] [5th update below]

I’ve been riveted to the Greece-Eurozone/IMF psychodrama, which is to say I’ve been reading more about it than any other single news story these past few days (and the past week has been pretty intense news-wise). My head is spinning at this point; I almost don’t know what to think; or, to put it another way, my attitude shifts based on the last good analysis I read (and I will readily admit to this). As I’m not a specialist of Greece and follow events and politics in that country episodically, not daily or weekly, I am therefore dependent on the analyses and commentaries of persons who are specialists, follow Greece as part of their jobs, and/or whose perspectives I trust. And I read/know highly smart, well-informed persons on both sides of the cleavage on the question, i.e. those who have been pointing the finger at Alexis Tsipras and his Syriza government as the main culprits in the current mess—and which looks to be headed toward a debacle of potentially catastrophic consequences, i.e. a Grexit—and then those for whom the guilty party is the European Commission-ECB-IMF Troika, the Eurogroup, and the entire German-imposed austerity of the past six years.

In the first, anti-Syriza group are three excellent Greek political scientists whose commentaries I see almost daily on social media: Stathis N. Kalyvas, the Arnold Wolfers Professor of Political Science at Yale University, my go-to man on anything having to do with Greece, who’s a public intellectual there, and is presently in Athens (check out his latest book, just out last month: Modern Greece: What Everyone Needs to Know); Michalis Moutselos, who’s finishing a doctoral thesis at Princeton (his latest social media comment is here); and Takis Pappas of the University of Macedonia in Thessaloniki, and presently visiting professor at the University of Freiburg (see his latest post here, on “10 harsh realities for Greece”). To this trio may be added historian Nicolas Bloudanis (e.g. see his piece from March on how, under Syriza, Greece is once again oscillating “between democracy and an authoritarian regime.”).

Michalis linked today to this “essential guide into the #Greferendum and the current state of affairs regarding #Grexit,” by Thessaloniki-based lawyer Zen K. and with this comment

A nice overview, in English, of some of the legal and economic issues behind the Referendum for those who have not followed the details as closely. Again, this has eventually become a referendum on the position of the country in the Eurozone if not the European Union, so a lot of these matters do not weigh as much on what people are voting for/against (once more, we vote YES unequivocally!). But it does demonstrate some of the legal derailments the government was willing to allow and, again, are not good omens, if Greece finds itself isolated.

Tsipras’s hastily called referendum—a fuite en avant if there ever was one—has, for the record, likewise been critiqued by University of Poitiers law professor Pascal Mbongo in a post, “Le référendum grec: un objet juridique non-identifié,” on his website Libertés & Droits Fondamentaux. Another Greek commentator, whose existence I just learned of the other day, is C. J. Polychroniou, a research associate and policy fellow at the Levy Economics Institute of Bard College, who had a worthy tribune in Al Jazeera English two days ago on how the “Greek referendum is a Machiavellian plot.” The lede: “Alexis Tsipras gambles on Greece’s future with a sham referendum.” See as well Polychroniou’s contribution in today’s NYT’s Room for Debate, in which he asserts that “Greece can’t afford to leave the euro, though it should.”

A high-profile critic (in the French media) of Tsipras and his Syriza comrades is Jean Quatremer, Libération’s Brussels correspondent, who’s written extensively on Greece over the past several years and has been going to town on it this past week (e.g. his piece of last Friday, “Aux racines de la crise grecque.” Every time I read JQ’s analyses, I say “yep, he’s right” (ouais, il a raison). Here’s Quatremer’s latest commentary/lament, posted on his Facebook page late last night

Petit coup de fatigue devant l’incompréhension d’une fraction de l’opinion de gauche devant ce qui se passe en Grèce. Le problème actuel de ce pays, ce n’est pas la dette vis-à-vis des Européens (moratoire jusqu’en 2023), mais celle vis-à-vis du FMI où siègent des pays infiniment plus pauvres que la Grèce. Et les exigences des créanciers, ce n’est pas pour punir la Grèce, mais simplement pour équilibrer ses comptes, réformer son Etat afin qu’il collecte l’impôt, remettre sur pieds son économie. Personne ne dit quelle serait la solution: l’annulation de la dette des Européens (celle vis-à-vis du FMI n’est pas négociable) ne réglerait aucun des problèmes grecs (et j’y suis favorable, il faut payer pour notre erreur de l’avoir admise dans la zone euro). Quelqu’un est-il favorable à ce que les citoyens européens payent les dépenses grecques pour l’éternité? Si oui, il faut le dire au lieu de s’indigner vainement.

Voilà. But then there are the denunciations of the Troika, Eurogroup, Angela Merkel/Wolfgang Schäuble et al, which are more numerous on my various news feeds and whose arguments are equally convincing. First, the usual Nobel Prize-winning economist suspects, i.e. Paul Krugman (latest salvo here) and Joseph Stiglitz (here). Guillaume Duval, editor-in-chief of the excellent monthly Alternatives Économiques—of which there is no equivalent in English: a slick, glossy magazine on economics from a progressive/Keynesian perspective aimed at an educated but non-specialist readership; economics journalism at its best—has been shredding Greece’s European creditors almost daily on the AlterEco website (e.g. here) and his Facebook page (where he has kindly taken the time to respond extensively to my questions or critiques of his positions). My dear friend Alice Sindzingre—research scholar at the CNRS in Paris, visiting lecturer and research associate in the economics department at SOAS, specialist of African political economy, who’s worked at the World Bank, and knows the international financial institutions (IMF et al) well—has been riveted to the Greek psychodrama drama more than I—and is much smarter about it than I will ever be—and emphatically delivered to me a week ago, and in convincing manner, her virulent indictment of the Troika/Eurogroup/et al and defense of the Greek position. I could hardly disagree.

One source of analysis on Greece that Alice has highly recommended is Romaric Godin, the assistant editor-in-chief of the La Tribune, one of the Paris dailies (mainstream) on the economy and business. Godin is indeed quite good on the issue, as I have noted, e.g. see his piece from three days ago, “Grèce: la victoire à la Pyrrhus de Wolfgang Schäuble.” My blogging confrère Arthur Goldhammer, always measured in his analyses and critiques—and not too sympathetic toward Jean-Claude Juncker & Co—weighed in on the Greek crisis on WaPo’s Monkey Cage blog on Sunday. Two commentaries, in particular, merit mention. One is by Jeffrey Sachs, writing in Project Syndicate exactly two weeks ago, on “The endgame in Greece.” This one is particularly unsparing toward the Troika et al and absolutely worth the read. The other is by Ambrose Evans-Pritchard, international business editor of the Telegraph and well-known critic of the single currency, who had a severe commentary eleven days ago, in which he asserted that the “Greek debt crisis is the Iraq War of finance.” No less. Money quote

Personally, I am a Burkean conservative with free market views. Ideologically, Syriza is not my cup of tea. Yet we Burkeans do like democracy – and we don’t care for monetary juntas – even if it leads to the election of a radical-Left government. As it happens, Edmund Burke would have found the plans presented to the Eurogroup last night by finance minister Yanis Varoufakis to be rational, reasonable, fair, and proportionate.

Comme quoi, the Greece vs. Troika et al issue does not cleave along left-right lines.

A non polemical commentary has been offered by the well-known French economist Elie Cohen—one of my longtime references—on the excellent website Telos-eu, “Leçons grecques pour l’Europe.” And probably the best proposal for a satisfactory way out of the Greek crisis has come from Dominique Strauss-Kahn, unveiled, as it were, on his Twitter account on Saturday, “Greece: On learning from one’s mistakes #Greece #EU.” Smart and reasonable man he is, DSK, at least when it comes to economics. Too bad he’s made so many mistakes in his own life.

UPDATE: Martin Wolf’s column in the June 30th FT, “The difficult choices facing the Greeks,” gets it exactly right IMO. The lede: “If I were a [Greek] voter, I would bemoan my government’s leftism and the eurozone’s self-righteousness.”

2nd UPDATE: Jürgen Habermas, in a tribune in Süddeutsche Zeitung dated June 22nd—and translated by Social Europe—explains “Why Angela Merkel is wrong on Greece.”

3rd UPDATE: Gerassimos Moschonas, who teaches political science at Panteion University in Athens, has a most interesting and informative piece in Telos-eu, dated May 22nd, “Syriza et l’UE après la première longue bataille: bilan des négociations.”

4th UPDATE: Takis Pappas has a commentary in OpenDemocracy (July 2nd) on “What is at stake in the Greek referendum?,” in which, entre autres, he critiques Paul Krugman and Joseph Stiglitz. The lede: “[If the ‘no’ wins, h]ow will Greece be able to fix its economy in a desert landscape, with no appetite for reforms, without helpful partners and with a crippled democracy?”

5th UPDATE: Michalis Moutselos has posted this pertinent comment (July 2nd) on his Facebook page

Several friends, mostly from abroad, have written to me in good faith about my steadfast support of the YES in the referendum, wondering whether I do not see the elephant in the room: “But don’t you agree that austerity is pointless, self-defeating and harmful to Europe as a whole? Don’t you agree that European policy has been captured by powerful pro-austerity interests and that the struggles of the Greek government deserve our understanding, if not solidarity”?

Here is a first way to answer to this question. For anyone following this wall somewhat closely, it should be clear that my distaste for SYRIZA (and their right-wing partners ANEL) was never purely economic. These two are parties that would never budge before calling European partners and institutional lenders gangsters, usurers, blackmailers and perpetrators of a social genocide. These are parties that would undig the most self-victimizing, national-populist themes of Greek political history (the cult of NO, war reparations, civil war themes) and tie them to metaphors regarding the negotiations. These are also parties that would say no to everything in terms of reforms of the Greek state, reforms that did not have anything to do with fiscal consolidation, regardless of whether they were included in the Memorandums. Their supposed, newfound “reformism” during negotiations that was meant to make up for their demands for debt reduction was laughable for anyone who followed their domestic campaigns. In sum, these are, basically, parties targeting the lowest, reactionary instincts of frightened and angry mobs, not the grievances of citizens being unjustly underrepresented or over-punished. No Nobel-prize winning economist made the effort to dig into these aspects of the SYRIZA-ANEL phenomenon, nor did many intelligent leftists (many still don’t care to see). So now that these two parties seem to have completed their strategy of isolationism; now that even those friendly to them are wondering why they abandoned the negotiatons two days before the closeing of banks without really realizing there was no spirit of cooperation with Europe to begin with; the debate becomes not just about whether austerity measures were good or bad, but also whether we want these people running the country outside the European fora, uncheckered by the rules and norms of Europe. This has now, evidently, become more existential than whether 3-4% primary surplus per year was a self-defeating strategy or not.

And this from Takis Pappas, posted on his FB page

My reason for voting “Yes”:

Here is a Greek story. It begins in Anatolia with my grandparents, who came to Greece as refugees after the forced exchange of populations – for them it was “The Disaster” – in the early 1920s. They became merchants and relatively prosperous Greek citizens. It continues with my parents, who worked their way in the private sector both in times of political tumult and in peace; politically moderate and wise folks as they were, they taught me to be a good citizen and productive member in society. The story is now at a chapter where I have long ago moved residence from Greece to somewhere near the heart of Europe, happily seeing my own children to develop as true European citizens and proud heirs of a mixture of cultures. This has been a century-long, tortuous but also dignified journey from the Ottoman east to the enlightened West. And I don’t want to see it reversed by a “leftist riffraff” in partnership with ultra-nationalists and neo-Nazis. To have a happy ending, this story demands that I vote “yes”.

More opinions, mostly supporting the “No”, in the link below.

The link is “Greferendum: an anthology,” by Alex Sakalis, associate editor of OpenDemocracy. The lede: “Some of our best contributors on the Greek crisis give their thoughts on how they would vote in Sunday’s referendum.”

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The flag-waving Greek left

www.neakriti.gr page=newsdetail&DocID=1208125

[update below] [2nd update below]

That’s the title of an article (here)—dated Feb. 9th but that I just got around to reading—by Christopher Caldwell, reporting from Athens, in the right-wing TWS. The lede: “A collision between national sovereignty and the European Union in the birthplace of democracy.” Caldwell, who is not on the left, loin s’en faut, is surprisingly sympathetic to SYRIZA. Or perhaps not so surprisingly in view of his euroscepticism, which he wears on his sleeve whenever writing about the European Union. But whether one is a eurosceptic or not—and I am not—Caldwell’s piece is smart, interesting, and worth the read.

Libération’s Brussels correspondent Jean Quatremer, who is definitely not a eurosceptic, has a must-read, blow-by-blow account (March 12th) of what happened behind the scenes during the negotiations between the new Greek government and the leaders of the Eurozone, “Grèce vs Eurozone: histoire secrète d’un bras de fer.”

A reader has brought to my attention a post (dated Feb. 25th) on the leftist Analyze Greece! website by three academic political economists—Spyros Lapatsioras, John Milios, and Dimitris P. Sotiropoulos, all SYRIZA members—who argue that “SYRIZA’s only choice [is] a radical step forward.”

And if one hasn’t seen it by now, the latest issue of Paris Match has a photo spread—that has been the rage on Twitter the past couple of days—of Yanis Varoufakis and his wife Danae Stratou—an internationally known installation artist—at their well-appointed Athens pad. La belle vie. Monsieur Varoufakis se pipolise, semble-t-il. If Yanis & Danae ever invite me over for lunch on their terrace, I certainly won’t decline…

UPDATE: Manos Matsaganis, Associate Professor at the Athens University of Economics and Business, has an absolute must-read piece (dated March 14th; h/t Stathis Kalyvas) on the OpenDemocracy website, “The trouble with SYRIZA.” The lede: “Despite being ‘a man of the Left’, and despite being hugely critical of the parties that ruled the country since 1974, there are several things about the rise of SYRIZA that absolutely terrify me.” This passage is particularly notable

Summing up, to a great extent SYRIZA is a mutant Left: unfamiliar to western eyes (and hence poorly understood by many western observers), but all too terrifyingly familiar to those living in that unhappy corner of the world otherwise known as ‘the Balkans’. To stretch an analogy, the nationalistic left ruling Greece today is in many respects far more akin to the ethno-bolshevism of Slobodan Milošević than to Spain’s Podemos

In his piece, Matsaganis links to a 77-page report he co-authored with Aristos Doxiadis in 2012 on the neo-Nazi party Golden Dawn, “National populism and xenophobia in Greece.” In the report, which was published by Counterpoint, the authors “argue that Golden Dawn is in many ways a manifestation of a world view that is widely shared in Greece, albeit at its most violent extreme.”

2nd UPDATE: Guillaume Duval, editor-in-chief of the excellent Alternatives Economiques, has a piece in L’Humanité (March 12th) in which he asserts that “L’inaction des gauches au pouvoir pèse sur les difficultés de Syriza.”

Le reportage de "Paris Match" sur Yanis Varoufakis.

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Greece and austerity

Continuing from my Greece post of last Friday, Stathis Kalyvas, my main man in Athens—well, New Haven CT, actually—has a short commentary on the Foreign Affairs website (registration required) entitled, “Syriza’s about-face: Is austerity here to stay?

And the Project Syndicate website has a piece, equally short, by Harvard University economics prof—and former Venezuelan minister of planning (1992-93)—Ricardo Hausmann, “Austerity is not Greece’s problem,” in which he makes observations on the Greek economy that I’ve been making since the crisis began six years ago.


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What Greece needs


[update below]

My last post on Greece was a month ago, the day after the Syriza victory. This in no way means that I have not been following that country since. In fact, I read about Greece every day—newspaper articles, op-eds, sundry commentaries—and tweet stuff I find interesting (see Twitter feeds on the right). I have said more than once that my main clearinghouse specialist on all matters Greek is Yale prof Stathis Kalyvas. If Stathis recommends something to read on Greece—as on other subjects, d’ailleurs—I will read it. And, as it happens, Stathis has posted on social media this NYT op-ed by Aristos Doxiadis—identified as an economist and venture capitalist—saying that “if you must read one piece about Greece this is it.” So voilà. Doxiadis’s op-ed explains why Greece has done worse than everyone else in the Eurozone. The lede: “Bigger businesses, more innovation and foreign investment are the key. But Syriza seems to be against all that.”

FWIW, here’s a piece from four days ago by the libertarian jurist and scholar, Richard A. Epstein, “Greece on the brink,” published on the Hoover Institution website.

And as long as I have it in mind, here is Paul Krugman’s column today, “What Greece won.” The lede: “Why all the negative analysis about the debt deal that has actually done the rest of Europe a favor?”

UPDATE: In the comments thread below see the text of a commentary published in an Athens daily by Konstantinos Meghir, the Douglas A. Warner III Professor of Economics at Yale University, entitled “Supporting Growth and Surviving in the Eurozone.”

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Greece: The Syriza victory

Alexis Tsipras, Athens, January 25th (Photo: Reuters/Marko Djurica)

Alexis Tsipras, Athens, January 25th (Photo: Reuters/Marko Djurica)

It was expected and I’m pleased. Syriza (acronym of the Coalition of the Radical Left) is the most left-wing party to ever win a legislative election in a Western democracy. And by far, as the socialists (PASOK), who are to Syriza’s right—and were all but wiped out yesterday—will in no way be associated with the new government. We now have a democratically elected government in a Western country composed of communists (small c), Trotskyists, and other motley gauchistes, who will now have to put their money where their mouths are and deliver the goods. Très bien. I will be watching with great interest.

It looks like Syriza will bring in the conservative, Eurosceptic ANEL as a coalition partner. In France this would be akin to a Front de Gauche/EELV/NPA-led government with support from Nicolas Dupont-Aignan’s Debout la France. Quelle hypothèse saugrenue. Now such a government in Paris would end in certain fiasco—it would crash and burn within months—but in Greece it could possibly work, as Alexis Tsipras’s hands will be sort of tied when he goes to Brussels and Berlin—he won’t have much margin of maneuver—but just about everyone outside Germany is fed up with the EU’s austerity politics of the past six years, the specter of deflation is looming, the ECB is engaging in unprecedented quantitative easing, and it’s simply clear to everyone—again, outside Germany—that something has to change in Europe and fast. So Syriza is coming to power at the right moment, when there will be more openness in the EU to accommodating it if it commits itself to serious reforms (on taxation, corruption, etc). We’ll soon see if the “loud-mouthed radical” Tsipras—as the FT called him back in ’12—will become un homme d’État.

As it happens, my Greek political science friends haven’t been too optimistic over the prospects of a Syriza government or Tsipras transforming himself into that homme d’État. My go-to man on anything having to do with Greece, Stathis Kalyvas, the Arnold Wolfers Professor of Political Science at Yale University—and who is not a Tsipras fan—has an instant analysis of yesterday’s election in Foreign Affairs (registration required), “So Long, Austerity? Syriza’s Victory and the Future of the Eurozone.” If you read just one article on the Greek election, let it be this.

Yesterday Stathis posted on social media “An improvised crash course in recent Greek political history,” which is both useful and cleverly put together.

Michalis Moutselos, a sharp political science doctoral candidate at Princeton, has also not been too impressed with Syriza. Back in November, in a social media response to a starry-eyed tribune in The Guardian, “Europe’s new left parties can make the dreams of 1968 come true,” authored by the starry-eyed Croatian gauchiste philosopher Srećko Horvat, Michalis thus let loose

I have had enough with the normalisation of SYRIZA and ensuing love affair with European leftist-progressives. Friends, those of you who think that these guys are the European avant-garde, you really should know what you are getting in bed with. These are people who talk about creating a Ministry or some kind of state sub-committee for about anything that you can imagine, from tourism to dancing to IT. They repeatedly call the German government occupiers and neo-colonialists in public and make speeches in the European parliament about World War II reparations. They are against any kind of reform of the Greek public sector (anything, from simple evaluation to firing people who have not showed up to their posts in months). They make sure to justify Russian foreign policy and shake hands with Putin’s ministers. Their MPs repeatedly justify acts of vandalism in Greek universities – and I mean not sit-ins and occupations of auditoriums to prevent votes -, but locking up professors who disagree in their offices. In terms of nationalism, populism, and sheer staleness of opinions and policies, they are a Leftist version of the Tea Party. Greeks are voting for them out of spite for the old parties and that is understandable. But at least foreigners who follow Greek politics and are not affected by the polarised atmosphere of the country should know better before getting too excited. You might have to do a big volte-face once SYRIZA are in power.

Aïe. As we say here, Michalis n’y va pas par quatre chemins. And on social media today, he slammed the budding Syriza coalition with the right-wing souverainistes

For those abroad following Greek election results: it might come as a surprise that Tsipras chooses to form a coalition with populist/nationalist/right-wing Independent Greeks rather than more centrist parties, like POTAMI or PASOK. However, it should not be… What you see as a progressive, leftist electoral uprising is really a negative coalition around anti-austerity and the desire to restructure the national debt without any conditions attached. For SYRIZA it is thus preferable to sacrifice progressive, left-liberal policies (cutting down on defense spending, recognizing gay rights, regularizing second-generation immigrants) or leftist tax-and-spend policies mending the pitiful welfare state in Greece, in order to retain a united “national” front on debt negotiations. There is also no deeper sociological, working-class/historical experience to unite SYRIZA voters – sorry, but unemployment and “humanitarian crisis” do not cut it. Thus the precariousness of the anti-austerity vote. Which will try to find new radical “harbors” when it is realized that SYRIZA+ANEL cannot achieve a new haircut without isolating the country and causing bank runs. The vicious circle of pseudo-radicalization will only stop when there is a realization that debt maturities have been (and will further be) extended so far in the future that debt repayment is not the foremost issue behind Greek exceptionalism, and that the inability to produce our way out of the stalemate is really the issue.

It would be a real shame if the coalition with ANEL causes Syriza to scrap its progressive policy proposals on migrants and nationality acquisition. A question to Michalis: You mean “leftist AND RIGHTIST NO-tax-and-spend policies,” n’est-ce pas? Hasn’t the problem in Greece been lots of spending—by both PASOK and ND—but with no tax revenue to pay for it?

When I asked Michalis the other day for a good link or two on the Greek election, he offered this WSJ piece, dated January 23rd, “Greece: Austerity, Relief, or Exit.”

He also recommended “Who Is Afraid Of Alexis Tsipras,” originally published on January 18th in El Mundo.

I found informative a lengthy interview with King’s College London political theory prof—and Syriza central committee member—Stathis Kouvelakis, published January 22nd in Jacobin, “Greece: Phase One.” The lede: Syriza is the Left’s best chance at success in a generation. But for socialists, the hard part starts after election day.

Writing in OpenDemocracy as last night’s election returns came in, University of Georgia prof—and specialist of European populist movements—Cas Mudde offered “five predictions of a much similar future” after Syriza’s landslide.

André Sapir, economics prof at the Université Libre de Bruxelles and adviser to former European Commission president Romano Prodi—which means he’s mainstream—was interviewed by Libération’s Jean Quatremer, where he said that “La volonté de réformes de Syriza peut être la solution.” Inshallah.

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Greece’s German rage

[update below]

Amitai Etzioni writes in The National Interest about the rage in Greece against Germany. One understands the Greek anger, though only up to a point. Etzioni thus concludes his commentary

As a Jewish child who escaped Germany in 1935, and as someone who lost most of the members of his sizable extended family in the concentration camps, I have more reasons to resent Germans than most Greeks. However, I cannot find a moral ground on which to condemn those Germans now with us—most of whom were not even born by the time the Nazi regime ended or were children during its waning days—for the actions of their forefathers. Moreover, I respect Germans for having faced up to their past and for making very substantial efforts to ensure that they will be never again commit such atrocities through numerous educational drives and constitutional arrangements. Comparing the way Germany has learned from its past to postimperial Japan (and even Austria) helps to highlight my point.

Germany may or may not find it prudent to support and help underwrite an even larger bailout for Greece. But I fail to see the moral reasons today’s Germans owe Greece more, a nation that by grossly manipulating its data faked its way into the European Union. Surely demonizing the Germans is hardly a recommended way to win them over.

There is a lesson here for other nations that face severe austerity. They should be careful not to yield to the temptation to lay the blame on the other and seek bailouts (or “loans”) rather than engage in painful reforms. Otherwise, they truly may end up as miserable as Greece is.

The last paragraph may be debated but the general point is well taken. As for Nazis, swastikas, and the like, Aristides Hatzis, a professor of law at the University of Athens, has a tribune in the FT (h/t Stathis Kalyvas) on the rise of extremist parties in Greece, of both the left and the right. This is a big danger for Greece, of course, but also for the rest of Europe, including Germany (and which the Germans need to think about).

I can only imagine what the atmosphere will be in Athens on Friday night, when Greece plays Germany in the Euro 2012 quarter-final. Sorry, but I have to leave politics out of this one and focus strictly on the sporting side. Auf gehts Deutschland!

UPDATE: I just came across this op-ed in the NYT from a week ago by Charles Grant of the Centre for European Reform—the best think tank devoted specifically to the EU—, where he explains the veritable views of German policy makers on the euro crisis. Policy makers in Paris should take note of what they have to say about France.

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The FT called him that, not me, in a portrait (h/t Stathis Kalyvas) of the man who may become Greece’s prime minister after today’s election. If the stakes weren’t so high I would hope his party, the hard left Syriza, wins and that he accede to state power, so as to put his money where his loud mouth is. Then again, maybe one should hope for this anyway. Money quote

In fact, [Syriza’s radical policy stance] may misread Mr Tsipras’s poker-style tactics: he is raising the ante before he knows what is in his hand, and once he sees his cards after the election he may adopt a less intransigent approach. He has noticeably toned down his anti-creditor rhetoric since Greece’s May 6 election, when Syriza was catapulted from nowhere into second place by the collapse of support for Pasok, Greece’s once dominant socialist party. Syriza no longer denounces outright the EU-IMF loan terms, but calls for their “replacement”. Influential party strategists insist Syriza will not unilaterally suspend Greek debt repayments and will, in its own way, honour Greece’s commitments to fiscal discipline.
Lefties the world over are eagerly hoping for a Tsipras victory. But, as with Lula in Brazil (and Mitterrand in France, etc), they may end up disappointed. I’ll be worried for Greece even if New Democracy wins, which, in view of its track record, hardly reassures. Au contraire. And with Pasok, which was no great shakes, out of the picture, a Syriza victory may not be the worst outcome for Greece.

UPDATE: Stathis Kalyvas, who knows Greece far better than anyone I’m ever likely to meet—and to whom I will reflexively defer on matters having to do with this country—, sends me the following comment on this post: “Believe me, he’s no Mitterrand or Lula. Take my word for it, as I really, really don’t wish to test my belief.”

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