Some readers have reminded me about my recent post, "Why Europe Will Cave to Greece." Europe didn't cave, they smile — Greece caved to Europe.
Well, it's true, things haven't gone as I expected when I wrote that post at the end of January. You can count on dysfunction in the European Union, but rarely to this degree. Still, it's too early to say who caved to whom. The most one can say at the moment is that this is no way to run a monetary union.
The outcome of the negotiations was prefigured at the end of last week by Greek Finance Minister Yanis Varoufakis, who said he was asking Europe to meet him "not halfway but one-fifth of the way." That's about what happened — though in judging who gave way and how far, a lot depends on what was really at stake.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.