GREECE: A Case of Massive Flaws in EU Governance

The real issue about the new situation in Greece is that it is a microcosm of massive flaws in the way European political economy has moved in the last two decades at both the level of the European Union and the Member States. Neither in Brussels nor in Athens does anyone yet seem to understand that.

In what is being seen as a capitulation, Greece negotiators agreed to a list of measures even stricter than those rejected by the country's voters in the referendum. In return, Greece will receive up to EUR 86 bn in new bailout aid, on condition that measures are implemented.