The Money Is Gone, the War Is Over

A monetary war has been fought in the Eurozone and Greece has lost. It's in the best interest of the Greek people and of the rest of Europe to cancel the country's debt and organize its exit from the common currency.

Greek opinions about Germans are changing. When "austerity measures" were first imposed, Greek newspapers and posters infamously depicted Chancellor Merkel as a Nazi leader. But the reaction has lately become more sophisticated: now we hear that Germans want to pursue a strict interpretation of Protestant ethics (which knows no redemption on earth) and punish the Greek people.

But when you ask Germans, they don't feel like they're punishing Greece. Instead, the German version of the story is that the beautiful Mediterranean country has been afforded plenty of chances to reform itself. Moreover, Germans argue, the original sin lies with the Greeks as well: Athens keenly insisted on entering the Euro and used a bit of accounting magic to meet requirements. If the country fails, it's certainly not Germany's fault.

Reconciliation between those two positions seems impossible – as is true in most cases when somebody owes money to somebody else and the latter cannot pay.