Wednesday, June 17, 2015
Slow-motion Crisis
The Greek debt default negotiations have been interesting to watch. Greek politicians have taken the position of "Save me or I'll cut my throat." They are demanding debt relief without any more changes to the country's budget structure. As European negotiators have tired of telling them, that is not possible because the country cannot turn around with the ongoing deficits that it has. Greece has been at the 12th hour for days now, and it is only a matter of someone pulling the trigger. The country has until this weekend or it will commit fiscal suicide. This opens a public relations question. What publics is a country beholden to? Its citizens or the citizenry of other countries? The answer would seem to be both but Greece's radical government is stalling on behalf of its suffering people. That might seem heroic within Greece, but it looks like unrealistic stubbornness elsewhere. No matter what happens, the country has a reputational issue for years to come.
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