Gregor Peter Schmitz is the Berlin Bureau Chief for the German magazine WirtschaftsWoche and the coauthor with George Soros of The Tragedy of the European Union: Disintegration or Revival? (February 2016)
Follow Gregor Peter Schmitz on Twitter: @GPSchmitz.
The Greek crisis taught the European authorities the art of muddling through one crisis after another. This practice is popularly known as kicking the can down the road, although it would be more accurate to describe it as kicking a ball uphill so that it keeps rolling back down.
The oligarchs who control much of the Russian economy don’t have any confidence in the regime. They send their children and money abroad. That is what makes the economy so weak. Even with oil over $100 a barrel, which is the minimum Russia needs to balance its budget, it is not growing. Putin turned aggressive out of weakness. He is acting in self-defense. He has no scruples, he can be ruthless, but he is a judo expert, not a sadist—so the economic weakness and the aggressive behavior are entirely self-consistent.