Let’s just suppose for a moment that the Greek debt crisis can somehow be resolved without a disorderly default or the collapse of the Euro. As I have written previously, I very much doubt that it can, and today’s news gives little cause for hope. Although the leaders of both of Greece’s major parties agreed this morning to the latest round of austerity measures, the EU powers have backed away from ratifying the deal, demanding a further 325 million Euros in budget cuts. The Greeks now know how the Turks must feel, constantly on the cusp of a final agreement with the EU, but never quite getting to the finish line. This latest wrinkle will no doubt be ironed out within days, if not hours. It requires a much greater leap of faith, however, to believe that this will resolve the crisis once and for all. But suppose it does. What then? [click to continue…]