The Greek ‘No’ to international creditors made the EU face perhaps the most crucial systemic challenge in latest decades which could lead to dire consequences. Whether Brussels decides to allow Grexit or to save the situation, it will not avoid huge financial expenses. If Greece tumbles out of the Eurozone, the EU will have to patch new holes and get ready for Italy, Portugal and Spain to follow the Greek example thus provoking the collapse of entire Union. Otherwise restructuring of Greece’s debt that amounts to more than 320 million euros will surely demand dramatic efforts and enormous money.
One way or another, any outside project of Brussels currently pales into insignificance. No exception has been made even for Ukraine. According to the letter of the High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini to the U.S. Assistant Secretary of State Victoria Nuland Europe suspends economic assistance to Ukraine.
Ms. Mogherini ruefully notes that the EU lacks due financial recourses to simultaneously resolve both the Greek and the Ukrainian issues. Between the lines she suggests that the U.S. should assume the burden though Europe will continue to provide political assistance to Kiev.
It is quite obvious that the decision to hand financial responsibility for Ukraine over to the United States has not been a coincidence. Washington originally initiated the Ukrainian project while the EU had to join in when staying aside meant losing any opportunity to influence the developments. It was a necessary, imposed from the outside step which Brussels apparently regrets.