Reuters
June 22, 2015
If Greece collapses, there will be giant dollops of blame to go round. The biggest ones will stick on whoever behaves most unreasonably in the standoff between Athens and its creditors, which could easily end in default and disaster.
This linkage between the blame game and the game of chicken is one reason to hope the Greek crisis might, even at the 11th hour, have a satisfactory conclusion. Both sides have an incentive to accommodate each other’s reasonable positions; otherwise, they will be lambasted for failing to prevent an avoidable catastrophe.
In calling euro zone leaders to a summit this Monday evening, Donald Tusk, the European Council president, made a similar point: “The game of chicken needs to end, and so does the blame game.”
In the worst scenario, Greece could become a failed state if the two sides cannot reach a satisfactory accommodation. The rest of Europe will also suffer a body blow.
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