Saturday, October 24, 2015
Three days that saved the euro
''Late on the afternoon of Friday 10 July, as European finance ministers were packing their bags for Brussels to attend yet another meeting on the Greek debt crisis, a shocking email from Berlin landed in the inboxes of a very small number of top officials. Earlier that week, the Greek prime minister, Alexis Tsipras, had been given an ultimatum by his fellow European leaders: deliver a radical new blueprint for economic reform and spending cuts – or face bankruptcy.
Tsipras had delivered a new set of proposals, but before officials could meet in Brussels to discuss them, the German finance minister, Wolfgang Schäuble, delivered a preemptive strike: if the Greek government would not undertake more drastic reforms, the German email said, “Greece should be offered swift negotiations on a time-out from the eurozone.” There had been speculative talk that Greece might have to quit the single currency – and sentiment among other euro members had hardened against Athens in the six months since Syriza, Tspiras’s leftwing movement, came to power – but until now, no one had formally proposed pushing the country out..''