Eurozone: the austerity allergy

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Slowly but surely, the unthinkable is coming to be thought. Europe’s monetary marriage was supposed to admit no divorce, but the idea of Greece being put asunder is now being canvassed openly in Brussels and Berlin. The immediate reason for talking taboo is that there is no longer any government in Athens to do business with. But the underlying issues are twin crises of democracy and the economy, crises that could soon engulf the euro as a whole. The Greeks want to stay in the single currency, but not on the ruinous terms that their establishment agreed to. They have thus used their elections to rout both traditional parties of government, installing a splintered parliament with a large…

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