Syriza was so addled-brained it didn’t make contingency plans to leave the euro and print a new currency even when Eurozone adversaries make it clear there could be a Grexit. Yesterday, it faced completely insane demands by Germany at al to capitulate completely and become a vassal colony or leave the euro. Greece agreed to the slavery. Yet the terms of the surrender say even if Greece meets all its current demands there could be many more demands before financial help is given.
It is almost quaint to recall just a few months ago Syriza was seen as the great scrappy hope for a beleaguered country.
This is as bad as we’ve feared. We regularly warned that there were no signs that Greece was preparing in a meaningful way for a Grexit (high level discussions like “first we seize the Bank of Greece building” don’t cut it), but sources close to Syriza have said in public what amounted to the same thing, that the government was completely preoccupied with the tactics of the negotiations and was not thinking or acting beyond that.
Mish says, and I agree, Greece needed to default and tell the EU to go screw themselves. But that’s not what happened.
Tsipras would be a fool to accept this proposal.
As I have said all along, Greece’s best chance is to default, not pay back a cent, and initiate the reforms it needs to grow over the long haul.
Greece does not need the euro. No country does.
Instead, Greece has agreed to economic servitude for decades to come.
I get a lot of ‘haha told you so!’s from anarchists.
From journalist /author John Wight in Scotland, also on Facebook:
The reduction of Greece and the Greek people to de facto colonial status is a seminal moment, heralding the beginning of the end of the EU.
I will find it hard to vote Yes now at next year’s EU referendum. What they have done to Greece is indefensible and should never be forgotten.