G7 finance ministers and central bankers gather in Dresden later today for a two-day meeting at an interesting juncture for the world economy.
Hugo Dixon is Editor-at-Large, Reuters News. The opinions expressed are his own.
Most scenarios facing Greece are bleak. The country could default, introduce capital controls, forcibly convert savers’ deposits into bank capital, quit the euro and so forth. But there is still a chance things might not end too badly. All those who care about Greece, starting with its prime minister Alexis Tsipras, need to work hard on the least bad path forward.
The smart money has always been on a last-minute deal being done to keep Greece afloat with Athens making most of the concessions and the euro zone and IMF bending only a little. But the chances of a car crash are growing as each day passes.
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.