Greece keeps suffering. It’s one postponement after another. Until last night, the Eurogroup would not say a final word about the Greek debt, despite the fact that Athens has fulfilled all its obligations, with the approval of the umpteenth painful pension cuts.
Again, the German finance minister, the hawk Wolfgang Schauble, expressed his resistance. He insists on repeating that there cannot be a decision on the debt issue before the end of the support program for Greece, which is more than a year away. This, of course, is in contrast with what the International Monetary Fund is asking for urgently. The latter has made this basic concept very clear: To continue to support Greece, there must be debt relief.
There has not been any white smoke, but perhaps the clouds are starting to thin out. On Monday there was a telephone conversation between the new French President Emmanuel Macron and Greek Prime Minister Alexis Tsipras. They expressed their common position in favor of a solution that will be beneficial both for Greece and for the Eurozone as a whole. This compromise will get the Greek economy restarted.