This Greek Financial Tragedy is Also a Saga
Do you ever feel like you're having intense déjà vu each time your eye catches a big news story on Greece's financial problems? It's probably because you've been reading the same headlines for the last four months.
Last week, US Treasury Secretary Tim Geithner verbally prodded his European counterparts to act quickly to seal up a solution to Greece's financial woes. If we take a little news headline tour through the Greek bailout drama, we can see how painstakingly slow the action has been thus far:
January 3: "More details anticipated on Greek bail-out" [EUobserver]
January 28: "Greece denies a bail-out is needed" [BBC]
February 11: "Europe Commits to Action on Greek Debt" [NYT]
February 15: "Opposition Grows in Germany to Bailout for Greece" [NYT]
February 28: "European Union Moves Toward a Bailout of Greece" [NYT]
March 15: "Finance ministers to discuss Greek bail-out options" [EUobserver]
March 25: "Europeans Reach Deal on Rescue Plan for Greece" [NYT]
April 15: "Greece seeks meeting to clarify bail-out deal" [EUobserver]
April 19: "Greek bailout talks on hold as the volcanic debris delays flights" [The Guardian]
April 21: "Leaders Start to Formulate Details of Greek Aid Program" [NYT]
April 22: "Merkel continues 'go-slow' rhetoric on Greece [EUobserver]
April 23: "Greece formally requests EU-IMF aid" [EUobserver]
April 26: "Greece's international rescue deal takes shape" [BBC]
April 28: "Greek debt crisis: Euro leaders call emergency summit to avert meltdown" [The Guardian]
April 29: "Europe Acts Swiftly on Long-Delayed Greek Bailout" [NYT]
And, my favorite, today: "Greece is Said to Be Close to Deal on a Rescue Plan" [NYT]
This is merely a skeletal framework of how the Greek financial crisis and the associated bailout have progressed, but what the story shows is Greece continually promising that it doesn't need money (until it finally admits that it does) and the rest of Europe taking a painfully long time to decide how aid should be given. And Greece is none the better for any of it, as of yet. On the bright side, someone will probably get a book deal out of all this.