Greek Vote an Opportunity for Europe

By Mohamed El-Erian, Bloomberg - September 21, 2015

After repeated bungling, Europe suddenly has an opportunity to do the right thing about Greece's unsustainable debt. It would be a tragedy -- for both Greece and Europe -- if this opening went to waste.

Two recent developments have combined to create this moment: Syriza's win in elections on Sunday and the flood of refugees into Greece.

In keeping with the aptitude for shrewd political maneuvering he has demonstrated over the last year, Syriza's leader, Alexis Tsipras, has again defied predictions and secured a second mandate to lead a government. He achieved this victory despite his astonishing 180 on the principal promise of his previous campaign -- that he would put an end to euro zone-imposed austerity -- which led to important defections from his party. And when he serves as prime minister this time, he will find that his once-hostile European partners have warmed to him considerably.

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