This is a good thing. Throwing good money after bad has never been a good idea. Iceland showed the way forward after the 2008 world financial crisis - let the worst happen, endure the short sharp pain of bankruptcy, throw the criminal bankers and loan sharks in jail, start again. Iceland now has a thriving economy.
Predictions are that a Greek exit from the Euro will trigger an exit from the European Union, something unthinkable ten years ago. The question for Brits is, will it also trigger a Brexit, an exit from the EU by Britain?
The UK general election that returned an unexpected Conservative majority government to parliament last month was conditional. It was conditional on the Tories renegotiating a better deal from Britain inside the EU. A better deal means regaining sovereignty from the EU over issues such as immigration, law making and funding. Failure by Cameron to renegotiate a better deal for Britain could easily see the promised referendum on Britain remaining a member of the EU returning a vote for a Brexit.
UKIP (UK Independence Party), the largest British party in the European Parliament, has been fighting to remove Britain from the EU since its inception over 20 years ago. It has gained momentum as ever closer political union in the EU has replaced the original goal of the organisation as an economic union. Closer political union has undermined national sovereignty throughout Europe.
If a Grexit from the EU is the final result of the NO vote then this will give renewed heart to UKIP and Brexit fans in their campaign for a NO vote in the promised UK referendum. UKIP doesn’t trust Cameron or the Tory sceptics to deliver on their promise of getting a better deal for Britain. Already Cameron is being side-lined in Europe and treated like a naughty child. Cameron and the Tories will do everything in their power to stay in the EU and are already doing all they can to undermine a Brexit with scare tactics. It worked before but I doubt it will work again.
Europe is entering a new phase. After nearly 80 years of ever closer economic and political union there is a sea change throughout the EU. Nation States are re-asserting their independence and culture, the EU model is failing the poorest and richest nations. The fat cats of the European Commission are perceived as corrupt power-hungry monsters. Supranational organisations worldwide from the EU to FIFA to the UN are seen as self-serving autocracies.
The world order, established after the horrors of two world wars, where bigger was seen as better and nation-states were viewed as dangerous beasts, is itself proving no panacea for curing the problems of the modern age. The cracks that have been showing in big government for the last twenty years are widening. Grexit followed by Brexit is now a distinct possibility.
Let it happen. It needs to happen.