Greece loses, EU wins

When the bailout extension deal was made public last month, Greece’s PM put the best possible face on it, saying that Greece had ‘won a battle, but not the war.’ In fact he lost the first battle, and will probably lose the war too.

European Union Photo
Greek Finance Minister Yánis Varoufákis walks past reporters as he arrives at a eurozone finance ministers' meeting on Feb. 20 in Brussels.
Gwynne Dyer
Published: Monday, 03/02/2015 7:10 pm EST
Last Updated: Monday, 03/02/2015 8:00 pm EST

The first round of the battle for the euro is over, and Germany has won. The whole European Union won, really, but the Germans set the strategy. Technically, everybody just kicked the can down the road four months by extending the existing bailout arrangements for Greece, but what was really revealed last month is that the Greeks can’t win. Not now, not later.

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