FRANKFURT, Germany (AP) – OK, guys. You can swerve now.
In the game of chicken between Greece and its creditors over whether the troubled country gets more bailout cash, each side has played its part, refusing to back down. Now time is running out and the politicians behind the opposing steering wheels are dangerously close to getting what neither side wants: a head-on collision.
Greece’s bailout program expires in 10 days and money is draining from the country’s banks. The resulting financial blowup could slip out of control and lead to Greece’s departure from the 19-nation eurozone.
While it would be devastating economically for Greece, some predict it would be manageable for Europe and the global economy. The truth is nobody really knows.
Whether that’s a risk worth taking will be the question facing the government leaders from the 19 countries that use the shared euro currency when they hold yet another emergency summit on Monday.