Bloomberg View: The Worst Pupil in the EU
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Greece’s elections have confirmed the country’s role as the worst pupil in the euro class. It’s now up to Germany to decide whether to ease up on austerity or hold firm and watch Greece leave the euro.
In the May 6 vote, almost 70 percent of Greek voters backed political parties that oppose sticking to the terms of the two recent bailouts. Economists at Citigroup say the odds of Greece leaving the euro in the next 18 months are now as high as 75 percent. Letting Greece go, however, would be a reckless gamble with the future of the single currency.