Greek officials should certainly hope that collective European action will succeed in stabilizing these other two countries' economies. But they should also realize that too great a success could, ironically, map into a higher probability of a Grexit.
It is not industries that grow leaders; it is societies. It is the education system and, therefore, it is actually the responsibility and duty of various societal stakeholders to nurture competent, intelligent and forward thinking leaders.
In their view, the ECB has no treaty-based mandate to print money or undertake "quantitative easing" in this way. If that is the case, however, then the euro is a suicide pact, powerless to defend itself against its own demise.
The Greek crisis could have been avoided. Indeed, all that was necessary would simply have been for the European Central Bank to grant the necessary loans directly to Athens at the same rate of interest it charges when lending to private banks.
All European countries find themselves confronted with debt problems that impact sustainable public finances. The crisis has not spared France, the world's fifth largest economic power, something that makes private banks quite happy.
The continual gatherings of heads of state, such as the one just concluded in Rome of Germany, France, Greece and Italy, reassure us that the euro will be saved. But the means to do so seem to be as elusive as ever.
Greece continues to gamble with its eurozone membership with the misguided belief that it can soften demands for austerity, without threatening its bailout. Instead, it is the lack of a sufficient firewall, rather than a commitment to Greece remaining within the e