The victory of the extreme left-wing party Syriza in the Greek parliamentary elections on January 25 is a wake-up moment. The outcome of the ensuing economic policy discussion is likely to be decisive for Europe for a long time. Two opposing views were recently published in the Financial Times illustrating the dilemma facing the region. Reza Moghadam argued that the European Union should write off half of its debt to Greece, while Gideon Rachman contended that now Europe could not afford to forgive any debt to Greece.