This is an open letter to Syriza in general and Yanis Varoufakis in particular.
Yani, I (like many academics abroad) have supported you when you ran as a candidate in the 25.1.15 election and congratulated you on your election and your subsequent ministerial position.
I support your analysis and have written along very similar lines myself (albeit utilising different literature). I also supported your European tour trying to explain to those who refuse to listen how the Troika/Eurogroup programme has locked Greece into a recessionary spiral from which there is no escape. I agree that comprehensive debt cancellation is necessary and that a selective default may be the only way forward eventually if another negotiated haircut is not forthcoming.
However, while your arguments are correct and the fight just, it has not worked. The Germans locked within their ideological blindfolds are unable to see the failures of orthodoxy. Countries in the European Periphery do not support Greece for the simple reason that acknowledgement of different paths will undo the elites that supported austerity so far.
We are now at a crossroads. We cannot convince the Europeans to change their disastrous policies and we cannot survive without their help.
Syriza does not have a mandate to lead the country to default and/or Grexit.
Syriza should not default internally or externally right now and cannot risk the destruction of the banking system by endangering ECB support. Yani, you have no mandate for such a rupture.
A banking failure with the inevitable capital controls, disruption and liquidity problems will destroy what is left of the economy and also drive away tourists at a time when most of the country lives hand to mouth.
I repeat, Syriza does not have a mandate for this.
Yani, you need to sign on the dotted line, agree to whatever you need to agree to secure the release of the bailout money and after the immediate liquidity problems are addressed you need to resign along with the rest of the government and call an election.
Rupture and Grexit needs to be an explicit choice. The people must choose whether to become a German protectorate to maintain a semblance of normality, or to revert to emerging economy norms with living standards akin to 1970s. There are no good choices here, but the choice is not yours to make.
I consider myself a patriot the same as you, but I have no skin in the game, I live abroad (as you did). I cannot make the choice on behalf of anyone. I despise the Europeans for bringing us to this position. Shame on Germany for killing the European dream.
Sign, live to fight another day and call an election so those who face this horrible choice get to make it.