Wall Street Journal
April 16, 2015
Europe is losing hope that Greece will adopt the economic policies needed to unlock bailout funds before it runs out of money.
Policy makers across the euro currency zone are bracing themselves for brinkmanship in coming weeks that could lead to a resolution—of one kind or another—but only in the face of further political and financial turmoil in Greece.
“Greece is moving ever closer to the abyss,” Slovakia’s Finance Minister Peter Kazimir said this week. Financial markets seem to agree: Yields on Greece’s three-year bonds shot up to nearly 28% on Thursday as investors priced in a high chance of default.
The eurozone usually avoids the abyss at the last minute through what it does best: political fudges.
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