It could be worse than reform

Greece may be on the geographic periphery of the eurozone but it is far from being of marginal importance to the European Union. The country is the leading candidate to be the first eurozone member to go belly-up. How it crumples, and how the EU responds, matters hugely to the region’s other struggling economies. Crisis may not be imminent, but the outlook is deteriorating fast. The European Commission predicts growth of just 0.2% in Greece this year. The budget deficit is 3.7% of GDP, and the d...