Greece

Amid all other crises plaguing Europe at the moment, the financial problems engulfing Athens had temporarily slipped off the front pages.

The third bailout package for Greece will not be the last.

Now that the Greek banks have re-opened, the third bailout package is on the way and something vaguely resembling normalcy is returning to Greece, we can finally deal with other things again: the euro crisis, for example.

The vitriol directed at German Chancellor Angela Merkel and her Finance Minister Wolfgang Schäuble after last weekend’s marathon summit is deeply unfair.

For more than five years, Europe has been trying to find a response to the Greek crisis.

If Merkel once again followed opinion polls, she might feel tempted to let Greece fail.

Now that Greece is finally and officially bankrupt, perhaps we might eventually see something resembling a solution to the crisis.

The Greek situation will only change for the better once the country is allowed to do what it should have done five years ago: default on its debt, leave the eurozone and regain competitiveness by devaluing its new currency.