Remember how the global economy looked at the Greek economy last year and was all "Cut the green wire! Or the red one!"? And then how they cut both and the time bomb stopped ticking with like 1 second left on it? And remember how everyone then wiped their brow and tried to keep images of Yanis Varoufakis on his motorcycle in their memory banks to remind themselves that this really happened?
Yeah...that was awesome.
Well, good news/bad news: The greek crisis is about to flare up in a major way and the rumble of Varoufakis' dope-ass hog is nowhere to be heard.
Greece’s crisis is approaching a potential breaking point after a year of relative calm, as a government with declining political stamina confronts creditors’ unyielding demands.
The ruling left-wing Syriza party, grappling with slumping popularity, is considering the option of calling snap elections in 2017, as it loses hope of winning concessions on debt relief or austerity from the eurozone and International Monetary Fund.
But what with a Europe dealing with a post-Brexit, pre-Italeave reality, this Greek Crisis β.0 could be a big piece of explosive spanakopita thrown into the gears of preserving a European economy.
A renewed flare-up of the Greek debt crisis in 2017 would create a further test for the cohesion of the European Union, whose political establishment is facing challenges from EU-skeptic populists in a string of major elections next year. European governments’ appetite for another bout of Greek drama is low—but so too is willingness to grant Athens concessions to avoid one.
Which is to say that an increasingly lonely and embattled Angela Merkel is way more disinclined to open up her checkbook than she was a year ago...and she was barely inclined then. Putting on top of that the news that Greek Prime Minister Tsipras is talking about spending even more on holiday fiscal treats to voting Greeks and you can be stone fucking certain that when asked "How do you spell Greek debt relief?" Germany will respond "N-I-E-N."
Merkel will be even more likely to tell the IMF to "Verzieh dich!" now that Italy is staring with languid placidly at its own banking crisis and France is flirting dangerously with its own version of turning itself over to a Gallic female version of Trumpocracy.
So while many have gotten used to thinking of Greece as a crisis averted, you can now retrofit that thinking to more of "A super hot economic flare up in a Europe already beset on all sides by nationalism and inertia"