Greek referendum: euro crisis explodes into dramatic climax

[polly7]

By Jérôme Roos
Source: Roarmag.org

The announcement struck like a bombshell.

Tsipras’ spectacular decision late on Friday to fly back to Athens and put the Eurogroup’s final bailout offer to a referendum — with the government advising voters to reject the deal — has stunned friends and foes alike.

Now, with depositors lining up at ATMs to withdraw cash, the Eurogroup refusing to extend the current bailout program, the ECB capping its emergency liquidity assistance for Greek banks, and Greece set to miss a €1.5 billion IMF payment on Tuesday, the long-awaited endgame is finally upon us. After five long and exhausting years, the euro crisis has exploded into its dramatic climax.

Those who now lambast the Greek government for its supposed “recklessness” in calling the referendum are profoundly mistaken. Yes, as I have argued many times before, Tsipras’ and Varoufakis’ belief that they could somehow extract an “honorable compromise” from the creditors was always extremely naive. But in the end it was the creditors’ utter contempt for democracy that pushed Tsipras with his back against the wall, forcing him to sign up to an agreement that they knew would split his ruling party and government.

Deliberately tabling one outrageous proposal after another, the creditors’ intention was clear from the very start: they were never even remotely interested in any positive “deal”; the only thing they would settle for was Syriza’s complete and total surrender — ideally followed by technocratic regime change inside Greece. Paul Krugman was therefore entirely right when he referred to the creditors’ ultimatum as “an act of monstrous folly.

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Full article: https://zcomm.org/zcommentary/greek-referendum-euro-crisis-explodes-into-dramatic-climax/

Get your war reparations from Germany, Greece!

[Igel]

1. Both require the same sort of attitude.

My word is perhaps only good until sundown. After that, it's only as good as I find it useful.

If reneging on my commitments is beneficial, I will renege and call it "justice." After all, I am free and refuse to be bound by others, even by my own word. I have rights, not obligations.

If keeping my word helps me, I will insist that others keep their word and call it "justice." Because I refuse to be held hostage to other's decisions to renege and fail to pay me what I am owed. You have oligations, not rights.

And, in so doing, I will insist that those who fail to see my just views for what they are are ingrates, extortioners, blackmailers, elitist pigs. And if I can find a way of humiliating them I will do so ... and call it justice, because they have no right to be wealthier than me just as I have a right to not be less wealthy than they.

Think of it as a cultural shift. I'm either superior and deservedly so or a victim. Whichever gets me power and gold.

[polly7]

2. Whatever. nt.