How Merkel may have bungled Greek rescue

"In the fall, the Germans thought they could also deal with Syriza because Syriza would face the same constraints as Samaras," said Christian Odendahl, chief economist at the Centre for European Reform. "They thought, 'if we get a new government, we can negotiate with them'."

Odendahl argues that the only long-term solution to the crisis is for the Greeks to take back control of the reform process and for Europe to offer debt relief. "There could have been a window to help Samaras in the fall without the public noticing," he said. "Whether it would have changed things, I’m not so sure."