The latest Greek crisis, again threatening stability in Europe and beyond, is not principally financial. At any rate not yet. Instead, it stems from a serious anomaly that can be traced to the two consecutive referenda that summarily abolished the monarchy in Greece four decades ago.
Let's step back for a minute and think about Europe when we strip away the clutter. An economic theorist might view Europe as an illustration of what economists call "risk-sharing": activities that spread or share risk across individuals so that everyone bears only a small amount.
While Greeks need to do more internally to help themselves, the IMF's modus operandi should also change and go back to its basics so that Greece does not become another loan addict, but an economic success story.
To many Europeans, pronouncements that a monetary union without a fiscal counterpart could only have ended in a train wreck smack of an "I told you so" smugness. There's a bigger problem with this conceited view.
Greece's political leaders still don't seem to get it, and neither do its official creditors. The longer this problem persists, the greater the challenge of turning around a country already beset by recession, insolvency, distressingly high unemployment and rising poverty.
Greece indeed is being offered a financial aid package of around 22 billion euro, but no funding will be made available until the country fails to find funding elsewhere, entirely obviating the point of the bailout.