Monday, February 20, 2012

Drawn to the same conclusion

Ambrose is in the Failygraph telling us that it's all over … for the moment. Bowing to intense pressure from France, Italy, and the US-led bloc of global leaders, he says, Schäuble has toned down threats to force Greece out of the euro.

The German finance minister has said (through gritted teeth, no doubt) that the country is "on the right path" and signalled that pension cuts agreed by the Greek cabinet over the weekend would be enough to secure the bailout. Nor is Ambrose alone. Others, such as the Irish Times have got there as well, with Reuters coming in behind.

We do not, of course, get from Ambrose any mention of the commission – which will have been orchestrating the pressure. That would spoil the Failygraph's "house narrative" of a German-dominated EU. But he still ends up exactly where we were yesterday.

So, with no moles, no magic sources, no secret documents, mad conspiracies or even smoke and mirrors to rely on, we get there using good, old-fashioned analysis, based on a sound political appreciation of the issues.

There will still be the " … further hurdles which Greece will be required to surmount". They will have to come since the fundamentals haven't changed. The pressure on Greece will continue, externally and internally. The dance goes on.