The 2015 Greek euro drama

It did not take long. The game is very much in play. Greek voters are being bombarded with warnings about what is at stake when they go to the polls on 25 January.

There is little that is coded in these messages. When a country has been bailed out to the tune of €240bn (£187bn; $286bn) there is no such thing as non-interference in Greece's internal politics.

Most of the European political establishment does not want Greece to elect the radical left party Syriza led by Alexis Tsipras. The party is currently narrowly ahead in the polls. Mr Tsipras is looking for debt relief and hinting that his election could spark wider change in Europe. He frames his message as "ending austerity politics".

The Germans and others fear that under Mr Tsipras, Greece would not fully comply with the conditions of the bailout agreements negotiated with the European Central Bank, the EU and IMF.

So German politicians are sending out their new year messages. Unlike in 2012, a Greek exit from the euro would now be considered "manageable". The eurozone has built up much greater protection against shocks. The German Vice Chancellor, Sigmar Gabriel, said "that's why we cannot be blackmailed". He wants Greece to stay in the eurozone, he said, but it had to abide by the agreements it had made.

One German magazine quotes an official saying that a Greek departure would be almost "inevitable" if Syriza wins. That is the threat aimed directly at the voters: vote the wrong way and you could find yourselves outside the eurozone.

That is the threat aimed directly at the voters: vote the wrong way and you could find yourselves outside the eurozone.

That may be an invitation hard for the Greek voters to decline!

Greece has benefited greatly from its EU membership. Billions of dollars have been pumped into Greece to fund infrastructure projects like the Athens airport and subway system.

Yes, Greece will be able to go back to its own currency, but there will be a price to pay. And their debt obligations won't go away. The EU made a major mistake allowing Greece to join.

The Greeks can leave the EU and rip up the bailout agreement but then they will find themselves locked out of international financial markets.

Greece had better ready to pay its own bills if it decides it doesn’t need the EU to support its lifestyle. And Syriza may find eschewing the medicine is a far more bitter pill to swallow than simply ditching austerity.

We’ll find out later this month if Greek voters want to turn their country into a lab rat.

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