Europe

Last Minute Change of Heart, Miss Drachma Left Standing at the Altar: Grexit Rejected

By all accounts, the Greek government’s flirtation with Grexit almost ended in a shotgun wedding in the early hours of Monday morning. With the pastor summoned and en-route, Schäuble beaming at the prospect of the forthcoming nuptials, Tsipras had a change of heart, left Miss Drachma standing at the altar and conceded to the majority of the creditors’ demands. In so doing he put country above party, made a final break with the castles in the air spun by the ‘Sage of Aegina’, and honoured his promise to the electorate to keep Greece in the Eurozone. That the negotiating strategy he and his former Finance Minister had employed over the preceding five months had brought Greece to the point where it had no option but to acquiescence to the terms demanded lest it was summarily ejected from the Euro is now neither here nor there: the deadlock has been broken and a path to continued Eurozone membership has opened up. True, it won’t be easy, but to quote various members of the Eurogroup: where there is a will, there is a way.

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