Angela Merkel’s Pyrrhic Victory

Angela Merkel’s Pyrrhic Victory

The euro crisis is not over; it has been institutionalised, at least until Germany reverses itself on two doctrinal points. First, all outstanding eurozone government debt — except that of Greece — should be converted into eurobonds. Second, Greece should be given a debt-servicing holiday, for as long as it sticks to Troika conditions. “Everyone knows that Greece can never pay back its debt”