Syriza Capitulates: what has been achieved?


I have read the ‘Greek Prior Actions’ (GPA) proposal that the Syriza government has sent to Brussels in an attempt to get a further bailout agreement. It looks remarkably like the deal that was offered before the referendum and which the government advised people to reject in the referendum. It was advice that the electorate took. The referendum caused the closure of the banks and substantially disrupted the economy as well as degrading the assets of the banks and raising serious questions over their solvency. After all this the best that Greece can hope for is that this level of austerity be accepted in exchange for more debt. There is no demand for debt relief in the proposal. Brussels concedes debt relief is needed but in the same breath admits a classic haircut is unlikely nor indeed anything that degrades the current value of the debt. The total of Syriza’s achievement…

View original post 679 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s