Why Syriza Will Blink
The Greek government, led by Prime Minister Alexis Tsipras’s Syriza party, believes that the threat of default gives it leverage in its debt negotiations with the EU. But the authorities’ calculation is based on the false premise that Europe has no choice but to expel Greece from the eurozone or offer it unconditional relief.
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LONDON – Once again, Greece seems to have slipped the financial noose. By drawing on its holdings in an International Monetary Fund reserve account, it was able to repay €750 million ($851 million) – ironically to the IMF itself – just as the payment was falling due.