The latest word is that some official form of aid to Greece will be hammered out today, and as the economic ballast of the EU, it’s on Germany to make it happen.
So let’s say it does happen, then what next.
Well, first of all, it will raise all sorts of future questions about what to do with other intransigent nations going forward.
But then there will be political ramifications. A certain faction will argue that the only way to prevent these crises going forward is to further integrate EU nations, and start harmonizing economic policy.
But there will be a countervailing force: Europe’s nationalist right-wing.
Politicians like Germany’s Udo Voigt of the National Democratic Party of Germany will seize on the moment and surge on anger over bailouts to “Club Med” (the Mediterranean nations that are the weak members of the union).
In the European regional elections that happened this past year, the big surprise was the failure of the far right to make big gains despite the bad economy.
But add bailouts to the mix, and the desire among some on the periphery to further erode national sovereignty, and the conditions are in place for a serious surge from the right.