
The Greek crisis continues to strike terror into the EU establishment
I didn’t have to be Delphic to predict that the Greek crisis wasn’t over when an €86 billion third bailout deal was provisionally agreed in July 2015, with the aim of preventing forced exit from the euro: ‘Impossible to see how it could be “over” without the debt relief [Greece] asked for but the Germans adamantly refused,’ I wrote. Of course that wasn’t how Brussels presented the deal: ‘On this basis, Greece… will irreversibly remain a member of the euro,’ declared Jean-Claude Juncker — without, presumably, having consulted any oracles himself. Further trouble was inevitable, because the trajectory of Greek debt is unsustainable even if the most optimistic projections come
