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Greece: The Costs of Crisis

Ian Bremmer, Ph.D

By Ian Bremmer (original source Linkedin Pulse)

“We’re going to be hearing a lot about Greece this week, about capital controls, referendums and defaults. Greeks will have to decide on Sunday whether to accept a deal with international creditors that may or may not still be on the table.

For lots of complex political and financial reasons, this vote will essentially determine Greece’s membership in the EU. It’s worth taking stock of what it cost to get even to this point.

The deal being voted on is the product of five months of aggressive negotiations by Prime Minister Alexis Tsipras with the EU. But Tspiras is campaigning for Greeks to reject the proposal he himself hammered out. Tsipras and his Syriza party argue that five years of Brussels-backed austerity has driven Greece to the brink, and it’s hard to disagree with that point.”

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