Modern Greek theater and Europe's future

Politicians in Berlin and Brussels are not too inclined to give in to being blackmailed by Alexis Tsipras and a potential next Greek government led by him. And for good reason.

The politicians in Berlin and Brussels point to the fact that "Grexit" (withdrawal of Greece from the eurozone) would no longer affect financial stability or the overall existence of the eurozone. This is due to the fact that most of Greece's debt today is held by governments and the European Central Bank.

It is, in fact, quite attractive for eurozone politicians to play with the idea of Grexit. If things were to turn in that direction, the resulting chaos in Greece - including bank runs, capital controls and an even deeper slump of the economy - could serve as a powerful example for other countries with similar ideas for opting out.