Playing Chicken in the Eurozone

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Will Greece leave the eurozone? Will Germany squawk loudly but bail them out in the end? Matt Yglesias answers with this headline today:

On Greece, Everyone’s Bluffing—Including the Greeks

The headline is sort of spoiled by writing a post to go with it, because in a way it says all that needs to be said. This is what makes it so hard to figure out what everyone is up to. After all, if you’re doing a good job of bluffing, the whole point is that your bluff will seem extremely reckless and credible, especially to outside observers like me. My own guess is that the underlying dynamics — Greek government chaos, public opinion in Germany, small country disgust with Greece, capital flows within Europe — are moving toward breakup, but if everyone is doing a good job of bluffing that’s exactly what they’d want me to believe. So I guess I don’t really know.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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