After only a few weeks in power, Syriza has already been given a taste of the intransigence of their creditors turned negotiators. Last week, the European Central Bank (ECB) said it would reject Greek sovereign bonds as collateral, making Greek banks dependent on Emergency Liquidity Assistance.

On the one hand, this is blackmail of the nastiest sort. The ELA theoretically could be pulled at any moment, bringing the new government to its knees. But given the larger interests at stake, it’s difficult to envision such a scenario will ever materialize.

Syriza undoubtedly has entered their negotiations with the European Union (EU) and the ECB from a position of weakness. But the dilemma faced in European ruling circles cannot be underestimated. As promises and threats abound in the coming weeks and months, it will be important to understand the endgame for the forces driving this game of chicken.