ASSESSMENTS
Greece Stands Alone in Its Fight for Debt Relief
Feb 20, 2015 | 10:12 GMT
(LOUISA GOULIAMAKI/AFP/Getty Images)
Summary
All eyes in the eurozone are fixed on Greece these days. The question whether to grant Athens debt relief is generating intense debate in the eurozone periphery, and negotiations over Greece's debt could ultimately end with the country leaving the currency union. In theory, countries such as Spain, Portugal, Ireland and Italy should be supporting Greece, since debt relief for Athens could enable them to demand the same. In practice, however, the Greek government has received little support from its neighbors, mainly because of their own political constraints. Though the anti-austerity movement will eventually gain impetus in periphery countries, it will not spread fast enough to help Athens in its current standoff with Germany.
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