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54EuropeThe EconomistFebruary21st2015CharlemagneSyrizas scattergun
Greece had a chance to make the euro zone workbetter. Itblewit
and MrVaroufakishave dugin theirheels, roboticallyinsisting on
a“bridging” deal thatwould unlockeuro-zone fundingwhile al-
lowingthe governmentto sloworreverse reforms. Greece?scred-
itors, unsurprisingly, were unimpressed. On February19th
Greece putforward a more conciliatoryproposal to extend its
loan. Butthiswasalmostimmediatelyrebu?ed byGermany.
Trusthasseeminglybeen so grievouslyeroded thatGreek prom-
isesofdiscipline are notworth much in Berlin.
These spatsmatterfarbeyond the hurtfeelingsofa few poli-
ticians. Greece?ssurvival in the euro dependson two factors
largelyoutside itscontrol: the willingnessofthe ECB to keep its
bankson life support, and thatofthe Eurogroup to strike a long-
term ?nancingdeal (MrVaroufakisavoidsthe term “bail-out”) to
keep the countrya?oat. It
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