Greece is on the brink of an "accident"
When both sides engage in brinkmanship in a power contest and find themselves at last genuinely at the brink, the chances for an "accident" which neither side wants have risen substantially. That is where Greece and its creditors, the Eurozone and the IMF, find themselves after the European finance ministers and Greece failed yesterday to make a breakthrough. This impasse led to the scheduling of an emergency meeting Monday of the European Heads of State ("adults," in the words of the IMF).
Meanwhile Greek banks are experiencing an accelerated withdrawal of funds. There are fears that unless the European Central Bank provides additional funds this weekend, the banks will not be able to open on Monday, and capital controls will have to be imposed.
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