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Truthfully, the author is mistaken in several ways.

To refresh the history, remember PM Chamberlain waving a pile of paper while claiming victory after giving Hitler what he wanted?

For the most part, Europeans have had 1500 years of war to burn away whatever spine they had. So their only means to confront radicalism of any kind is with endless meetings, position papers, “dialoguing”, empty agreements and perpetual negotiations. So far this has worked great with Iran, for example.

Which is why radicals run circles around them.

The author argues that if radicals suddenly become reasonable, then all will be well. But radicals are in power precisely because they are *not* reasonable.

So what should Greece do vs. what Greece will likely do?

If Greece breaks away from the EU, why assume that they will still honor any of their outstanding debts? Of course not. And Greece’s creditors have already calculated this.

The reality is that Greece will immediately start cranking out Drachmas, with the *assumption* of substantial inflation. Because inflation *favors* debtors, including governments.

Right now, the Greek-on-the-street has Euros, so they might be offered a hundred Drachmas for each Euros. This will mean a big influx of Euros to the government, to buy stuff from Europe “cash up front”.

And once the Euros are cashed in, then the government will raise the inflation rate, so everybody who retired at 50 with a huge pension will find their pension cut in half by inflation. Then maybe half again.

It is austerity by other means.

The next step is a big sales tax. Most everybody cheats on their income taxes, so it is a lot easier to collect taxes at point of purchase.

And all the while this is being done, the rest of Europe will be wringing its hands and whining. Because if Greece succeeds, which is may well, then the UK, and maybe others will become far more interested in jumping ship as well.