George Papandreou, Greece’s socialist prime minister, is an honourable and courageous politician who has done a great deal in his career to improve his country’s image in the eyes of its European Union partners. So it cannot have been easy for him to announce today that he was requesting the activation of the €40bn-€45bn eurozone-International Monetary Fund financial rescue package for Greece.
No eurozone member-state has suffered such a humiliation since the euro’s launch in January 1999. But Papandreou must have feared, as soon as he took office after last October’s election, that emergency foreign assistance was going to be necessary. Read more