The euro crisis has become a game of chicken

The German Chancellor and the newly elected Greek Prime Minister are locked in a high-stakes game of chicken. Who will blink first?

Much has been written about the results of the Greek elections and most of it is even true. Yes, the real loser of the Greek vote was not ousted prime minister Antonis Samaras but German Chancellor Angela Merkel. Yes, Merkel’s crisis management of the past five years has reached a dead end after the election of Alexis Tsipras’ radical anti-austerity government. And it is also correct to note that the success of the Syriza party will encourage similar political groups in other countries, most notably Spain’s Podemos.

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