By Robert Cole
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
Are the Tories and Labour the Tweedledum and Tweedledee of UK politics? In most things, there’s not much to choose between the UK parties’ economic election pledges. Both want to cut the deficit gradually. Both want to splash out on the National Health Service. And both have a smattering of silly micro-policies. The big differences are that Labour would tax the rich more and the Tories might take Britain out of the European Union.
The Greek government has sent a reform package to its EU and International Monetary Fund creditors, hoping it will unlock desperately needed funds to stave off bankruptcy.
Greek Prime Minister Alexis Tsipras meets Angela Merkel in Berlin late today.
The strategy in Athens seems to be to seek mercy from EU leaders, going over the heads of euro zone finance ministers and the European Central Bank and IMF, hoping that they will see the broad political cost of a Greek collapse rather than focus on the nitty gritty of funding and required economic reforms.
That doesn’t look like a winning strategy.
A possible bank run is Greece’s Achilles’ heel.
The country probably won’t be forced out of the euro. But there is a scenario where this could happen. This involves Syriza, the radical-left party, winning the upcoming election and then running out of time before it can perform the policy U-turn necessary to keep its creditors on side. Depositors might then panic.