HEAD-ON CLASH AS GREECE REFUSES TO GET REAL Berenberg Macro Flash

www.berenberg.de/uploads/tx_news/150216_Macro-news_Eurogroup.pdf

Having promised his voters three impossible things in his election campaign, Greek prime minister Tsipras can no longer avoid the truth. Instead of “calling Europe’s bluff”, as he once claimed he could, he now has to realise that Europe is not bluffing. Tsipras either has to take back most of his unaffordable campaign promises or risk pushing his country into the abyss of financial crisis, renewed recession and potential Grexit