An insolvent Greece is thus condemned to being a depressed vassal state, with Berlin’s writ enforced on the ground by the Troika, which has the right to rewrite and veto Greek legislation at will. Greece would be better off leaving the euro, as I argued in CapX. But because Greeks are terrified of Grexit and remain attached to the euro as a badge of European modernity, they still want to stay – for now.(…)
More positively, fear of German dominance is a reason why other countries, including France, are keener than before to keep Britain in. Just don’t demand treaty change. European governments aren’t just wary of consulting disenchanted voters: they don’t want legal changes that entrench German hegemony.