THE GREEK BOTTOM LINE
What's going on regarding Greece? Here's one bottom line:
The people who run the EU and the Eurozone have suffered a reputational catastrophe. The EU/Eurozone has shown itself unable to manage its basic moral responsibilities
Oxi Day (pronounced oh-hee, the Day of No) has totemic significance in Greece. It commemorates the defiant Greek "No!" to Mussolini's ultimatum in October 1940, and the heroic acceptance of war against a vastly bigger military machine. Churchill's praise was: "Greeks don't fight like heroes - heroes fight like Greeks."
It is the same word - Oxi, No! - that will top the ballot sheet when Greeks vote in a snap referendum this Sunday (7/05) on creditor demands, and prime minister Alexis Tsipras is not shy in evoking the same spirit of wartime resistance.
Ambulances in parts of northern Greece have run out of fuel. The Greek Chamber of Commerce warns of "serious shortages" of basic goods and pharmaceutical supplies within days. The radical-Left Syriza government is skating on very thin ice.
If Europe's creditor powers have succeeded in bringing Greece to its knees, they have paid a fearful price themselves. As Pyrrhus of Epirus said after the battle of Asculum in 279 BC: "Another such victory, and we will be utterly ruined."