Europe losing patience with Greek fiscal crisis

July. The politicians of Europe scramble in panic, stirred to action by a stunning event in the continent's underbelly.

Not this July, but a hot month 101 years ago. Austria's Grand Duke, Franz Ferdinand, the heir to the throne of the Austro-Hungarian empire, was assassinated in the streets of Sarajevo, in Bosnia.

Just weeks later, the continent was at war.

By that measure, the massive 'No' to austerity in the Greek referendum Sunday, and its increasingly possible consequence, the so-called Grexit or ejection of Greece from the eurozone, seems less apocalyptic.

But the twisted tale of Europe's currency — and Greece's sorry role in it —  has had, arguably, the same effect on the continent's leaders and nations as the shots in Sarajevo, stirring anger and filling the air with calls for punishment.

• Greece faces last chance to stay in euro as cash runs out 
• In rejecting austerity, Greek voters force Germany's hand 

Consider that Germany's biggest tabloid newspaper, Bild, splashed a doctored photo of Chancellor Angela Merkel wearing a Prussian spiked helmet and blared: "We need an Iron Chancellor!"

The Iron Chancellor, of course, was Otto von Bismarck, who united Germany and fought surgical wars that punished Denmark, Austria and France in short order.

Set against that, punishing Greece should be relatively straightforward. And punishment, say the polls, is what most Germans want.

No special treatment

What's more, it is not only the Germans who feel this way.

The leaders of several countries of Eastern Europe — most smaller and poorer than Greece, and still living with the consequences of two generations of Soviet rule — have been scathing in their reaction to the referendum and to the fact that Greece showed up at Tuesday's emergency EU summit without even a written proposal.

Read their words: "The Slovaks will not lose one euro because of the Greeks," said Robert Fico, the Slovak prime minister.

"The Greeks said No to [European] help, and so they've also said No to the eurozone," added Ewa Kopacz, the Polish prime minister.

There were similar harsh condemnations from Lithuanian and Estonian leaders.

Those European countries that have faced similar austerity regimes in recent years — such as Spain and Portugal — have been conspicuous by their silence in the wake of the Greek vote.

They have been forced to swallow some bitter medicine, and are far from convinced that Greece should get special hospital privileges.

'A leap in the dark'

These are the men and women that Greek Prime Minister Alexis Tsipras was facing at the hurriedly convened European summit Tuesday.

Only the French leader, François Hollande, seemed intent on finding a way to help Greece stay afloat and in the euro.

But, as the French and the rest of Europe have noticed, Hollande is considerably weaker than many of his French forebears, particularly when faced with the likes of an Angela Merkel.

But will she be an iron chancellor ? There are other possibilities.

Take the example of Theobald von Bethmann-Hollweg. Like Merkel, he was politely dismissed as a lightweight when he first took office in 1909.

"I shall soon get the hang of foreign policy," Bethamnn said somewhat pathetically, according to his scornful predecessor. He never really did, and his hour of destiny was July 1914.

Like Merkel, he was pulled by forces inside and outside his country over which he had minimal control.

Frustration, miscalculation, stupidity — all played a role in capitals across the continent, but in the end Bethmann and his slightly mad Kaiser, Wilhelm II, had a choice: to push for peace or war.

Bethmann called it "a leap in the dark" — and pushed for war.

Politics and emotion

At the time, Germany was, like today, the dominant continental power. It also had a blueprint to contain the effects of this drastic decision. Everything would go according to plan. Until it didn't.

Little has gone to plan with Greece and the euro either.

This latest European summit began with Tsipras and other European leaders arguing over whether Greece had actually presented anything like a new plan for general consideration, and ended with what appeared to be an ultimatum that Sunday would be the stay or go deadline.

The Greek prime minister, with his harsh rhetoric and surprise referendum, has infuriated many of his so-called eurozone partners over these last weeks.

That fury was so great that the powerful German finance minister, Wolfgang Schaüble, was heard to say that Greece should never have been allowed into the euro in the first place.

Fury isn't a good basis for making important economic decisions, but the future of Greece in the euro no longer seems to have much to do with numbers and economics.

Like a century ago, politics and emotion seem to be driving Europe's leaders, this time towards something that they all once piously declared was unthinkable — pushing a country out of the common currency.

That result would be, as the unfortunate Bethmann put it, a leap in the dark. But, once again, a majority of Europe's leaders seem prepared to make that move.