Europe’s response to the Greek debt crisis in 2015 exposed European cooperation and solidarity as a hollow claim. The euro has become a Greek tragedy, resulting in falling incomes, rising unemployment, and fraying social fabric. Saving the European Union may require killing the single currency.
Greece’s European Union creditors showed little sympathy for the country’s financial crisis, blaming a poor national work ethic and insisting on shock therapy. But Germany had its own reasons for pressuring Athens: economic windfalls and political hegemony.