Greece

The Greek government may think it has given significant ground in its latest proposal but the creditors appear to be saying think again. The mood goes from bad to good and back again. In terms of absolute numbers, the distance between the two sides isn't huge. But the political gulf is significant.

Greek Prime Minister Alexis Tsipras is caught between a rock and a hard place - between the promises he made back home, and the commitments the creditors insist he must respect.
 
But these negotiations aren't just about budget targets. The Greeks are also demanding that there has to be serious discussion of debt restructuring. On that issue there is more sympathy from the IMF. But there is less from the European Central Bank and several Eurozone countries.

Beyond finances, the outcome of those negotiations will have lasting ramifications for European unity and security, raising profound questions about Ms. Merkel’s leadership and about her legacy as a primary driver of five years of austerity policies that Greeks blame for pushing them to a precipice.

 

Some financial experts say that Europe could absorb a Greek exit from the Eurozone, despite the many questions that departure would raise for creditor nations forced to write off hundreds of billions of euros.

 

If they stay or go, they will pay for their own affair, no one else.

  Just a thought.