Escobar, who has been recently reading Edward Gibbon's classic book The History of the Decline and Fall of the Roman Empire, sees many parallels with Roman history and Greek mythology in the ominous scene developing in Europe. Although the current war is strictly economic (except for the real war in Ukraine), with European masters firmly wedded to the Empire, things could spiral out of control. So far, he sees the Greeks under the new party Syriza standing firm against the masters of the European division of the Empire.
For the moment, German Economy Minister Sigmar Gabriel is definitely bluffing, warning Greek Prime Minister Tsipras that the eurozone could survive without Greece ("We no longer have to worry like we did back then.")Then there is the Russian card that factors into this scene which Escobar explores.
If, however, Brussels admits a de facto, even partial, default, it would result in Spain, Portugal, Ireland, and scores of other EU sufferers screaming “We want the same deal.”
I think that Syriza leaders are also bluffing, and we will see extended negotiations that will result in a reduction of Greek debts owed to European banks many of which were assumed by previous neoliberal Greek governments. However, Escobar is right: such a compromise will trigger demands by the other debt ridden countries for the same deal. So, European events will likely generate even more anxieties in the near future.
