Going, Going ....

Last week we argued that Grexit wouldn't be the tragedy claimed by some authors. Now Leonid Bershidsky argues for Bloomberg View exactly our point, that it would benefit the EU.

He even thinks it would benefit Greece; I won't go that far. Its impact on Greece is definitely arguable as possibly a plus or a minus, maybe even some of both.

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Meanwhile The Telegraph takes a more nuanced view:

Greece, in other words, has reached the point where it could successfully go it alone, provided it made a clean default. But, under its current leaders, it seems determined throw those advantages away and return to the tax-and-spend policies that caused its crisis in the first place.

Which is why, ultimately, Eurocrats are content to let the Hellenes go. The prospect that really troubled them was not that Greece would go it alone and collapse, but that Greece would go it alone and prosper – as Iceland has done. Sadly, Tsipras seems determined to squander the one-off opportunity that Grexit would bring. That’s his tragedy.

I enjoy the irony, Eurocrats we're troubled an independent Greece would succeed. There's little chance of that, it seems.