Humiliation Complete
So this is it. Greece has now surrendered much of it’s sovereignty to a Europe led by Germany in return for an €86 billion bailout program which will keep the embattled nation in the Eurozone.
This image of Greek Finance Minister Euclid Tsakalotos seemingly knowing he is being supervised by IMF chief Christine Lagarde seems to sum up how negotiations have gone:
Questions are being asked about the democratic legitimacy of the decision after a referendum resoundingly rejected a more compromising austerity package less than a week ago with 61% of the vote. A vote that proved to only delay and let the economic situation in Greece deteriorate further, giving all the negotiating power to Europe.
The €86 billion bailout program accepted comes on the back of Tspiras accepting conditions of cuts to spending, tax and administrative reforms, highly sensitive pension reforms and the public sale of state owned assets. All of this under the strict supervision of the highly sceptical European Union who still don’t trust Greece to actually impliment the changes they have agreed to.
The deal still must be voted on in Greek parliament tonight before the funds will be officially released and even though Prime Minister Tsipras will meet some opposition inside his own ruling left-wing Syriza party, the deal is expected to get through with the support of pro European opposition parties.
This again throws the Tsipras government into turmoil with new elections on the back of this deal now almost a certainty.
Furthermore, I very much recommend reading the Yanis Varoufakis interview in the New Statesman last night. Politicians who have been pushed out and can now speak freely on their own opinions are so much more refreshing than those in parliament who still have to tow party lines.
“The Eurogroup is completely and utterly controlled by Germany.”
“Greece was set up.”
“Last week’s referendum was wasted.”
Greece, unfortunately in the end has been humiliated.
