ATHENS -- The strong mandate he got from the polls, has put a burden on Mr. Tsipras to fulfill the great expectations he produced. If he succeeds, the Spanish Podemos, the French Front National and Italy's Bepe Grillo could all follow suit and question Berlin's fiscal orthodoxy. The much feared domino effect set off by Greece at the outset of euro crisis in 2010 could now materialize in another way.
The U.S. economy is growing slowly and Europe's hardly at all. The stock market lurch last week is a belated acknowledgement that our two economies share a common affliction, and Europe suffers more seriously. The affliction is austerity. And yet the main remedy being promoted by the U.S. government and its European allies is a trade and investment deal known as T-TIP, which stands for the Trans-Atlantic Trade and Investment Partnership. According to the deal's sponsors, T-TIP would help stimulate recovery by removing barriers to trade and promoting regulatory convergence and hence investment. The proposed deal is not popular in the U.S. Congress, which has to approve negotiating authority. The administration, say well-placed sources, hopes to cram through the necessary approval during the lame duck session of Congress after the November 4 election. That still will not assure approval, because the deal is also increasingly unpopular in Europe.