“New elections change nothing,” asserted Germany’s finance minister, Wolfgang Schäuble, ahead of the Greek vote in January that swept into office a radical-left government pledging an end to austerity and demanding debt relief from its eurozone creditors. The new Greek administration, Schäuble insisted, must accept the terms struck by its predecessor. By and large, Greece’s new government has done so, despite its electoral pledges. How, then, can the destructive policies imposed by the likes of Schäuble really be changed? Is membership in the eurozone compatible with democracy?
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