This weekend’s news was dominated by the sorry tale of Greece, where a referendum on whether to accept the terms of a new European Union bailout failed by a landslide. Now Greece’s Eurozone creditors face the uneasy choice between offering a more generous bailout plan, or accepting a Greek departure from the Euro.
Sunday’s referendum was just the latest debacle in the five-year tug-of-war between Greece and other Eurozone members. The ruling Syriza party has been openly hostile to the austerity-focused conditions of EU bailout loans — which run counter to their left-leaning economic agenda — as well as to the EU negotiation process itself. The spur-of-the-moment referendum was itself largely a surreal PR stunt: the deal voters were evaluating had in fact been withdrawn by the EU prior to Sunday’s vote.