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Mark Gilbert

Let Greece Stumble Out of the Euro

It may be time for Greece, which cheated its way past the velvet rope into the euro club, to quit the common currency.
The center cannot hold.

The center cannot hold.

Photographer: LOUISA GOULIAMAKI/AFP/Getty Images

As the weeks since the Greek election have rolled into months, the government elected in January seems no closer to resolving the dichotomy between its anti-austerity inclinations and the reforms its creditors demand as the cost of handing over more money. Today's news that the government has seized the cash of the nation's local governments, citing "extremely urgent and unforeseen needs," suggests the money really is running out. And none of the likely scenarios for what happens next seems compatible with Greece staying in the euro.

Greece's Fiscal Odyssey