Courtesy of Mish.
Shockingly Stupid Sequence of Events
I am seldom stunned by political stupidity. In fact, I am surprised when I don’t see it.
Yet, I have never witnessed a political reversal so shockingly stupid as we saw tonight from Greek Prime minister Alexis Tsipras.
For months on end Tsipras claimed he would not accept blackmail by Germany. He rejected Germany’s “final offer” in favor of a referendum.
He encouraged Greek citizens to vote “no” to the bailout referendum. Then they did, by an overwhelming majority.
Breathtaking Political Capitulation
Tonight, Tsipras reversed himself 180 degrees, and accepted the newest “final offer” that was far worse than the one he turned down a short while ago.
The deal so harsh that I agreed with Paul Krugman’s description of “grotesque“.
Specifically, Krugman said of the latest deal “This goes beyond harsh into pure vindictiveness, complete destruction of national sovereignty, and no hope of relief. It is, presumably, meant to be an offer Greece can’t accept; but even so, it’s a grotesque betrayal of everything the European project was supposed to stand for.“
Whether or not one believes in the eurozone, and no matter what side one takes in the debate, there is no question regarding Krugman’s description.
Creditor Demands
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