Let Greece leave the eurozone

To listen to Greek government ministers addressing the outside world during their breaks from negotiations with eurozone leaders this week, it would be easy to form the impression that Greece had a mighty economy upon which all other eurozone countries were pathetically dependent. ‘Europe is going through the difficult process of understanding that Greece has a new government committed to changing a programme that has failed in the eyes of everyone who doesn’t have a vested interest,’ said finance minister Yanis Varoufakis.

The reality is that Greece is the dependent country, propped up by its creditors, and it is Greek government ministers who are having trouble in understanding the situation in which they find themselves. A mandate from their electors does not allow them to dictate the terms of their country’s bailout.

The Syriza-led government is right about one thing, however. Greece’s debts have reached the point at which it has become all but impossible for the country to repay them.