Compromise or quit

Irresponsible populism on a local level, in tandem with the obsessions of certain of the country’s creditors, are threatening to plunge the country back into uncertainty and, possibly, a new recession.

Prime Minister Alexis Tsipras took a major risk at a pivotal time with plenty at stake. It was a huge mistake. Greece is exposed, without any particularly powerful allies and rumblings of a snap election, for which the government is solely responsible.

Without reason, Tsipras gave the eurozone’s hawks an excuse to pull the plug. He now has to find a way out of this new impasse. There is little choice and the time for a painful compromise or a brave departure is near.