Europe today is essentially a multi-player game of chicken. The Greeks, or at least the Greek left-wing, are gambling they can reject the terms of the bailout to which the previous government had agreed and still keep the euro, on the premise that, however harmful leaving the euro would be to them, it would be even worse for Europe. The Spanish, likewise, are gambling they can force the rest of Europe — by which everyone understands Germany — to bail out their banks, on similar reasoning.
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