NEW YORK ¨C Some readers have reminded me about my recent post, ¡°Why Europe Will Cave to Greece.¡± Europe didn¡¯t cave, they smile ¡ª Greece caved to Europe.
Well, it¡¯s true, things haven¡¯t gone as I expected when I wrote that post at the end of January. You can count on dysfunction in the European Union, but rarely to this degree. Still, it¡¯s too early to say who caved to whom. The most one can say at the moment is that this is no way to run a monetary union.
The outcome of the negotiations was prefigured at the end of last week by Greek Finance Minister Yanis Varoufakis, who said he was asking Europe to meet him ¡°not halfway but one-fifth of the way.¡± That¡¯s about what happened ¡ª though in judging who gave way and how far, a lot depends on what was really at stake.
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