It was more or less clear from the beginning (see our scenarios written on 23rd January 2015 here) that the EU Commission, the IMF and the ECB, not to forget the national governments, will not compromise on their declared policy prescriptions for Greece. The fault of the Greek government under Tsipras and Varoufakis was, as well from the beginning, to focus on debt and other financial matters, too, rather than on unemployment and the violation of the ECB´s inflation target by Germany (see here). However, the recent weeks should have make it clear even for them that there is no way out but to leave the European Monetary Union. Why then they are playing still that game which is already lost?
I suppose it is fear. The fear of not being able to manage the Grexit. And they are right to fear it. It will be a tremendous task which needs a lot of extraordinary organisation and development planning. But it is definitely not impossible and offers new perspectives on a return to growth and on bringing the unbearable high unemployment rate down. That is what counts not the focus on debt and other financial matters. Since the latter will be solved as well by a Grexit and a return to economic growth. Save the payment on debts and invest the money in the real economy. Since the debt is mainly a result of the austerity policy the EU Commission, the IMF, the ECB and national governments like Germany recommended to and imposed on Greece. Unemployment is the most burdensome problem for ordinary Greeks.
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