Waiting in the wings of a Greek tragedy

by John Dizard

Financial Times
September 4, 2011

There are two teams out there. One is playing cricket;

the other is making no attempt to do so.

Bill Woodfull, Australia XI captain, The Ashes, 1933

The side of the European financial markets that is making no attempt to play gentlemanly cricket would seem to be about to take home the ashes. In this case that would be the ashes of the eurocracy’s latest attempt at a resolution of the Greek financial crisis.

In fairness, though, the late July document accomplished its unstated purpose: to allow official Europe, some senior bankers, and me to keep at least some of our August family time intact.

But don’t worry; the Greeks themselves are much further advanced in planning and documenting the reorganisation of their state finances than are their official creditors. A good thing, too, since there probably isn’t much time left before the next bond and bank scare.

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