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How do you explain the persistence of EU chiefs and certain capitals on having Greece and the other indebted euro zone nations stay the course when the results are so devastating?

From the point of view of German and ECB leadership it is probably that none of the victims has made an effective protest against austerity and that there is no unified front opposing current policies. The leadership of too many of the countries that could band together to force change remain too sufficiently enthralled by the vision of the European Union to accept that current leadership has gone so wrong that the consequences of maintaining the status quo outweigh the consequences of a dramatic break. And then there would have to be a clear alternative, preferably only one, but it is essential that they understand that they are decisively at the end of the current policy path.

Most of the current national leaders represent wealth much more than they represent their own electorates or constituencies and current policy plays to the prejudices of the wealthy very well. The only way things will change is if current leadership is presented with a stark choice. Even if they understood the situation and agreed there were serious problems they will likely only take effective action if and when the alternatives are even more bleak.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Feb 11th, 2013 at 02:51:22 PM EST
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