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[Norm’s note: some of the ‘links’ in this article are, needless to say, worth following up, in total, ten of them.  And I’ve only just noticed an ‘update’ to this article.  It begins with “The ‘negotiations’ have broken down,” and goes on to quote Yanis Varoufakis on the deadlock.  Things appear to be escalating but in a hopeful direction.  The ‘update’ to the article doesn’t reference its quote.  I believe it originates here: Yanis Varoufakis: No Time for Games in Europe]

Real-World Economics Review Blog

In ‘Chronicle of a death foretold‘ Gabriel Garcia Marquez tells the story of twins who, as they have to save their face, have to kill another man. Or at least have to show in a credible way that they intend to do so. So they set up an ambush. And tell everybody that they will kill this other man, hoping – trusting, as they live in a small village – that somebody will tell this other man to change his normal ways and to avoid the place of the ambush. An unbelievable but true string of coincidences however prevents this from happening. And the other man walks, like every other day, towards the place of the ambush. Which makes the twins run out of options and they have to kill him…

The Eruozone saga increasingly reminds me of this story. 

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