Disliked{quote} What, nobody? Step up now, don't be scurred - prove you're as wise as the Fool. The Greek drama will be fading next week, Greece will get a deal and remain in the EMU....Ignored
Time drags on, politicians prepare their constituents for the possibility of a grexit, but on Sunday evening they will emerge from the conference room and will state: we have aversed the unthinkable, the catastrophe. 'Peace for our time' they will say.
Granted, on the political end not only Germany, but at least Estonia, Slovakia, the Netherlands and Finland are prepared for plan B. The last week has hardened the position of a couple of conservative MPs in Germany, they won't vote for a deal under these circumstances. But Merkel is prepared to pull a confidence-vote in the Bundestag if she believes in the deal, so in effect staking her chancellorship on that. So: if she agrees on sunday, the deal will go thru. The ECB will extend ELA.
This is me, the contrarian.
On the more realistic side: politicians need time to turn. Until last friday the official line was: Grexit is impossible. Now that they've rolled it around a little bit they might really take a stand on the weekend.
What's missing is the narrative... at the moment people say: a grexit will be seen as a blow to the unreversabilty of the EZ-membership, and so markets will start to take the PIGS apart. The true narrative should be: "a system is stronger, if it is flexible, if we - as markets do - are able to weed out the weak parts."
Fail better.
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