The Sky is Falling

Or is it? We’ve been hearing the dire warnings of impending disaster like a drumbeat these last few months, so it is hard to know whether the sky is actually about to fall or not. But the news from the European financial powers last night, followed by the unyielding, defiant speech from Prime Minister Tsipras to the Greek parliament today, suggest that the long hoped for last minute deal may actually not happen and a “Grexit” could become a reality. The headlines have gone from worrisome to downright panic-inducing. “Report: Greece’s economy will be locked down with capital controls if it can’t find deal by the weekend,” said one. “Finnish PM says Greece deal needs a miracle,” said another. “Game over for Greece,” said a third.

For months the general sentiment has been that, in the game of chicken being played by the Greek government and the European Troika, both sides would give up something in the end and disaster would be averted. But neither side seems the least bit willing to give ground and a resolution is looking increasingly dim. The prospect of temporarily closed banks, limits on withdrawals of funds, and who knows what financial chaos seems very real today.

Perfect timing for the arrival of a large contingent of my family from the U.S. for a week’s vacation! Interesting times…

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