Double ouch.
Quote:We don't know yet how much damage the panic inflicted, and the government isn't entirely to blame for it—the European Central Bank, by limiting emergency lending to Greek banks, helped start the chaos. But it seems certain that this whole incident has ended up sinking the country further into depression, in return for little to nothing.
Greece never had a very good hand in these negotiations. Though it's been correct on the merits regarding many issues, especially debt relief, the second German officials and their allies decided the European Union could survive a Greek default and exit from the euro, Tsipras and his far-left party Syriza lost nearly all of their leverage. But over the last couple of weeks, we've basically watched Athens go all-in on its hand, then fold at the last second. And it's been awful for the Greek people.