Euro zone in crisis - Solidarity may provide a solution

THE political response to the Greek debt and social crisis has failed to convince markets that a plausible strategy is in place — or that if one was that it might be enacted.

The Greek bailout, on which so many hopes were pinned, is not working. Neither is the euro zone’s piecemeal response to the wider EU debt crisis.

The cultural diversity in the EU is exemplified by German orthodoxy demanding that measures, no matter how stark, be put in place to control spending while, at the other end of the spectrum, Greece struggles to deliver on its commitments on reform.