Greece's Referendum The Price of Five Years of Cowardice

Much of Europe is outraged by Alexis Tsipras' decision to hold a referendum on reforms in Greece. But how did the euro zone allow an economically irrelevant country of 11 million to bring the common currency to the brink? Through cowardice.
Graffiti in Athens, Greece, depicts the euro with the word "No" in German. The country closed its banks and issued capital controls on Monday.

Graffiti in Athens, Greece, depicts the euro with the word "No" in German. The country closed its banks and issued capital controls on Monday.

Foto: Orestis Panagiotou/ dpa
Christian Rickens is the head of SPIEGEL ONLINE's business and economics desk.