Leader: Indecision is the greatest threat to Greece’s future

Another day in the rumbling eurozone currency crisis, and another delay in taking decisions to tackle it. The currency zone’s finance ministers, meeting in Poland, were unable to decide on extending the next tranche of Greece’s bail-out loan, putting that step off until October.

The attendance of US treasury secretary Tim Geithner at the talks underlines just how serious the crisis is. Improperly handled, it threatens to impact on the global economy, halting the already weakening world recovery. Chancellor George Osborne’s prediction that the UK is well-placed to weather any worsening of the crisis looks optimistic. If it unfolds as some fear and recession in Europe reappears, Britain cannot escape.

Mr Geithner reportedly drew the ire of some finance ministers by criticising their indecisiveness. But he is well-placed to point to the consequences of political paralysis; grid-locked US politicians caused America’s credit rating to be downgraded for the first time.

The lesson of recent financial and currency crises is clear. The longer an immediately unpalatable decision is postponed, the worse are the consequences when it is eventually taken. And although an EU official delegation is currently in Greece assessing the country’s fiscal fitness, its likely conclusion looks clear. The economy is shrinking, privatisation is being resisted, and strikes are proliferating.

It points in one direction: to save the euro, Greece will have to be ejected from the common currency. And that, ultimately, is what will save the Greeks and their sick economy.