In an article entitled “Why Greek default looms” published earlier today, BBC economics editor Robert Peston characterized Greek Prime Minister Alexis Tsipras’ letter to German Chancellor Angela Merkel, obtained today by the Financial Times, as a “personally humiliating” act. The article described Greece and Germany as a feuding married couple that does not really want to get a divorce but at the same time find it difficult to understand one another.
As it is highlighted, the Greek Premier complains there is no sign of wanting to make the promised new start in the fraught relationship, in the conduct of Eurozone officials working on the new financial rescue plan. At the same time, he accuses the European officials for holding the country to a reform program his newly elected leftist government has rejected.
Moreover, Peston’s estimation is that the above points to the “biggest flaw in the entente reached in February” between Athens and its European partners, as the deal concluded in the February 20 Eurogroup disguised an emotional and ideological gulf. And while no side shows the intention to do so, what both sides want is to bring the other to admit they were wrong in the past and have now turned over a new leaf.