Nobody blinked.
At this point a successful outcome has become impossible. The atmosphere has been poisoned and the EU and EZ are erectly finished as a political entity designed to offset the US as the world's largest economy and most powerful nation, and China as a quickly rising power.
The question that Rodney King famously put about race relations in the US, "Can't we all just get along," has been answered with a resounding, NO!!! with respect to union in Europe. As those who understood European history and politics, and the requirements for an optimal currency zone predicted. Now is just a matter of watching the unraveling and the blame-game.
The situation is Ukraine is far worse where an hot war is raging. Ukraine is now Humpty Dumpty. It can never be put back together again, as anyone with a smattering of the history of the region would have realized at the time of the coup that heavily involved Neo-Nazi nationalists of Eastern Ukraine. Their aim was civil war from the outset.
Looks like Europeans will be Europeans. Europe just don't seem to be capable of rising above its contentious history. Bad juju.
Naked Capitalism
Greek Talks Collapse, Default Looms
Yves Smith
See also
Yves Smith, The Operational Issues of a Grexit Part Two: Organizational Capacity, Capital Controls and Bootstrapping a New Monetary System
Update:
Both sides have hardened their positions in the Greek negotiations and at the moment it appears that we are headed for an ugly climax.Across the Curve
Ambling Towards the Cliff
John Jansen
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