“We will not have a major Greek crisis this year,” German Finance Minister Wolfgang Schäuble recently declared. But the question, increasingly, is whether Mr. Schäuble’s statement was a promise or a wish.
In Greece, the unions are trying to shut down the country and protesters are once again throwing Molotov cocktails on Syntagma Square in Athens, while Prime Minister Alexis Tsipras risks losing his government majority by pushing through another austerity package.
In any other European country, all of this would amount to a crisis. But after six years of ongoing rescue and countless austerity packages, many Greeks have become fatalistic. There is no evidence out there that the situation might improve in the country. To the contrary, things seem likely to go downhill.
The option of withdrawing from the euro zone hovered above the country last summer as one possible solution. But to prevent this from happening, Greeks agreed to further austerity and reform measures in return for the promise of €86 billion ($98 billion) from the euro rescue fund.