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Why the EU Is Fed Up With Greece

In 2011, imagining a Greek exit from the euro zone was terrifying. Today, impatience reigns
Greek Prime Minister Alexis Tsipras waits for a televised interview to start inside a studio of state broadcaster ERT in Athens on June 29.

Greek Prime Minister Alexis Tsipras waits for a televised interview to start inside a studio of state broadcaster ERT in Athens on June 29.

Photographer: Yorgos Karahalis/Bloomberg

On Sept. 6, 1946, U.S. Secretary of State James Byrnes gave a speech in Stuttgart, Germany. A movement was afoot to penalize the Germans for their role in World War II by deindustrializing the country. Byrnes opposed anything resembling economic spite and promised the country a fair chance to rebuild. “Germany is a part of Europe,” Byrnes said, “and recovery in Europe will be slow indeed if Germany with her great resources of iron and coal is turned into a poorhouse.” It became known as the Speech of Hope.

Whatever he lacks in efficacy, Greek Finance Minister Yanis Varoufakis knows his history. On June 7, in an op-ed for the website Project Syndicate, he harked back to Byrnes. “Today, it is my country that is locked in such circumstances and in need of hope. Moralistic objections to helping Greece abound, denying its people a shot at achieving their own renaissance,” he wrote. He called on German Chancellor Angela Merkel to come to Greece and give a similar speech—“a break with the past five years of adding new loans on top of already unsustainable debt, conditional on further doses of punitive austerity.”