Wednesday, February 11, 2015
The war of words between Greece and the rest of Europe has turned into a game of chicken. Each side has mustered its PR tools and is bluffing the other. Will Greece get rid of the imposed austerity plan? Will Europe force Greece to stick to Europe's will? Will the Euro survive if there is a breakup? These are huge issues and there is no path forward yet. Greece has the advantage of having its citizens behind its decision. The position taken by the new government is what the people want. The European Union has the force of money behind its stance. It has tried to bail out Greece but in return it wants Greece to reform. Any resolution to the stand-off will be hard won and will require negotiation with give and take on both sides. Meanwhile, Greeks continue to suffer from joblessness and hard times. If there is a lesson here, it is that financial solutions might not be practical in the end. Winning the hearts and minds of a populace must come first. It is clear that didn't happen in Greece.