Those who (like me) believe that open economies remain the best way of securing broadly-based prosperity need to take these wider questions of policy design and public consent seriously. Far more so than has been the case over the last generation, and in ways that will upset aspects of conventional thinking.
Imagine you needed to solve the greatest problem facing humanity; a problem that was universally acknowledged and whose solution was an urgent necessity. Most of us would do anything to save a person we love. Surely we would also spend any amount of money, mortgage our futures even, to save the planet, our life-support system, from catastrophic climate change? But with such commitment and devotion comes vulnerability. This is particularly so when it comes to the issue of climate finance.
If the Ukrainian government want to avoid falling victim to this well established Russian tactic they would do well to stop taking the bait and start living up to their own rhetoric about eastern residents being as valued as Ukrainian citizens as their western counterparts. A good start would be to lift the blockade and reinstate pensions for its most vulnerable people.
As for the EU, there's little else to say. They have gone from promising the earth and the heavens to their citizens, to becoming the executioners of the IMF and their own bankers. Pity they cannot see that by carrying out like this, they are not just destroying Greece but also the very foundations of their precious and profitable political and economic unity. For them, too, the hour of reckoning is nigh.
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.