Greece is being starved to death by a lack of capital. End the starvation, and the economy will turn around very quickly. In this case, starvation is the NPLs. The non-performing loans are strangling the Greek economy.
Yesterday's elections gave Alexis Tsipras an unexpectedly large lead, confounding both the pollsters and most observers' expectations. This was an election won on feelings, not facts. Sven among SYRIZA's own voters, negative views of its handling of the economy failed to dent its lead.
Deliverance or calamity, recession-oriented or development-oriented, the "best possible agreement," or the "worst of them all," the new agreement between Athens and its creditors still has an uncertain fate and even more uncertain consequences.
The EU must and can settle internal deficits and surpluses, as long as these remain within the euro zone. Therefore, a better integration of economic and fiscal policies and a significant increase in economic transfers within the euro zone are needed.
Germany in 2015 is a nation full of self-righteousness. The Greek crisis has produced in the country an unpleasant strain of chauvinism vis-à-vis other nations, rooted in the belief in our own exemplarity: We work harder. We're more successful. We're more frugal.
Now that a cycle has run its course and it feels like a whole century has passed since the Sunday of the referendum, I dare ask the sacrilegious question: What would have possibly happened had we voted "YES"?
True statesmanship is finding the courage and having the intelligence to be wise without experiencing tragedy -- to see the big picture, to acknowledge the right of the other side, to craft space for compromise. Can Eurozone leaders live up to that challenge?