A no vote will create a full blown Euro crisis affecting currency stability, European and British markets. A yes vote won't solve the problems as there is still no sustainable deal between the Eurozone and Greece on the table. Britain will be affected either way... So why then are George Osborne and David Cameron doing so little to try and broker a solution or help Europe steer a course through the crisis?
Yanis Varoufakis' biggest error was to frame the standoff between Greece and the rest of Europe in the language of game theory. However, game theory is "the study of mathematical models of conflict and cooperation between intelligent, rational decision-makers."
It is patently clear that the eurozone has been a disaster, and consequently that if Greece wants to end its humanitarian crisis, it should vote no in the Sunday referendum, leave the eurozone, and reissue the drachma. What is perhaps less obvious, but nonetheless true, is that Germany should also follow this path and leave the eurozone and reissue the D-mark.
The EU is teetering on the brink of Grexit as the two sides continue to play a momentous game of chicken. On Sunday, Greeks will be voting in their referendum on whether or not to accept the conditions the EU and IMF have put on giving the country another bailout - and the polls are so finely balanced it's too close to call.
What kind of system have we created where our elite inflict austerity on ordinary people that causes misery and suffering to millions, while financiers and gamblers of financial markets enjoy such a bonanza of riches? The mind boggles.
For a journalist, covering the EU has always been one of the toughest gigs around. Brussels? Oh. So. Boring. But not any more. The coming months will see the EU front and centre of the political debate not just in the UK but in many other member states as well.
The post-war generation to which my uncle belongs has left us a precious legacy of democratic institutions. It is to be hoped that the current generation of politicians, diplomats and citizens can protect and build on it.
As I browsed the internet in search of a last minute get away last month, it suddenly occurred to me that jetting off to a Greek island in the first w...
Even though the dust from the 2015 General Election has only just begun to settle, the political news agenda has already shifted to the next public po...
There are still those who assert that everything the European Union needs to do can be done under its existing treaties. Few of these pundits stop to explain why it is that if indeed everything can be done under the existing treaties, everything is not, in fact, being done.
Spring brought a burst of sunshine over the eurozone economy. The French economy expanded rapidly in the first quarter of 2015 and even the Italian one managed respectable growth. Fiscal policy is no longer contractionary across the eurozone as a whole. Cheaper oil is boosting consumption. A weaker euro is boosting exports. And the ECB's quantitative easing appears to be working: money supply growth is picking up, suggesting deflationary pressures are easing.
If there's anything to be learned from recent years, it is that, in fact, and contrary to what is bandied about, Europe is moving ahead much faster than we think. Six years of economic crisis has turned things around, often in irreversible ways, and we can expect even more progress in the coming months. Let me give three examples.
Without a deal between Athens and Brussels and the IMF on economic reforms and repayments of loans within the next couple of months a Grexit or Graccident would be the most extreme outcome. We cannot rule out that the parties will fail to find a solution seeing as how the Greeks are dawdling and in the light of the harsh words uttered by, among others, Germany.
Shortly before Greece's Prime Minister Alexis Tsipras met Vladimir Putin in Moscow on his first official visit to Russia, the Financial Times publishe...
The UK economy has performed exceptionally well over the last few quarters and the election may put a temporary break on this. However, it is good news that Europe is looking stronger as it is the UK's main trading partner.
Meanwhile, in the UK the impending election and the uncertainty surrounding the likely outcome has put pressure on the pound, which fell by 4.4 per cent against the dollar during March and has fallen by 2.8 per cent against the euro since mid-March