The Greek saga was a long time coming and is unlikely to end up on a happy note.
However, whatever the outcome the severity of a deal or lack of it can only worsen any subsequent accord – for it is clear that the present Greek administration is emboldened by the result of the referendum, and has as a consequence squeezed themselves in a tight spot from which there is no escape.
On the other hand, Angela Merkel, the German chancellor, has no option but to harden her own stance for the feeling in Germany is that the Greeks are determined to have the cake and eat it at the expense of German taxpayers, who have had enough of left-wing rhetoric from the new Greek government who accuse the European Union of blackmailing them into submission.
Well, when you borrow money and spend it without the necessary reforms to ensure its repayment at a given date, you’re always in a precarious position – especially if you ask for additional funds without the proper guarantees, and in so doing present yourself as a victim.
The harsh reality is that the Greeks have not learned their lesson and are still unwilling to pay the price of failure and refusing to clean up their act by introducing strict measures to bolster the economy, make the rich pay their taxes for a change, and live like the rest of us – within our means.
It is a starting point if Greece is to survive this latest trauma and regain the trust of the Western world.