Hugo Dixon is Editor-at-Large, Reuters News and the founder of Reuters Breakingviews. He is also the author of "The In/Out Question: Why Britain Should Stay in the EU and Fight to Make it Better." Before founding Breakingviews in 1999, which he edited until 2012, Hugo spent 13 years at the Financial Times, the last five as Head of Lex. He began his journalistic career at the Economist. Hugo is also a budding philosopher. Follow him on twitter: @hugodixon
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The new Greek PM has crossed a Rubicon in asking for an extension to the country’s hated bailout programme while abandoning many election promises. Tsipras should realise there is no turning back. But he can snatch victory from defeat if he embraces radical reforms with vigour.
Time is running short. A deal is needed in the next few days to stop Athens going bust. That will be, at best, a short-term patch-up while a long-term programme is worked out. Compromise is needed by both Greece and its euro zone creditors to avoid a disaster. It won’t be easy.
After Greek PM Alexis Tsipras’ defiant speech to parliament, it is difficult to see how Athens can avoid running out of money and imposing capital controls within a few weeks. Unless that perspective provokes a change of heart, Greece may soon have to bring back the drachma.
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