By Alper Ali Riza
The European Union has many problems on its plate at the moment. The prospects of a British exit from the EU and a Greek exit from the euro zone are the most pressing; deteriorating relations with Russia over Ukraine, the most dangerous and important historically; and there is of course the perennial Cyprus business, which is not going to set the world on fire, although it is a bit of a nuisance.
Whoever said of Cypriot politicians that ‘having realised that Cyprus could not be a great power they decided to become a great nuisance,’ was not being unfair.
The possibility of Brexit and Grexit – the nomenclature favoured by financial journalists – is the result of a tension that exists between domestic democracy and the obligation to respect the rules of international bodies like the EU. The electorate in each state voted for parties that promised to renegotiate the rules of the game. In each case the club is not really happy to accommodate such mandates and consequently Britain may leave the EU altogether and Greece the euro zone. Or will they?
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