Tsipras, Hero of Left, Caves in. Fails Greece and Europe

   Jerusalem— So what exactly, was this all about?

Greece gave into harsh European demands for spending cuts cuts as parliament approved Prime Minister Alexis Tsipras’ plan to accept harsh austerity in return for $53 billion in debt relief from creditors. It raised questions as to why Tsipras just didn’t accept the previous offer–some of his proposals are tougher than what Greek voters rejected in a referendum last Sunday.

He presented himself as a bulwark against arbitrary European bureaucratic demands causing immense suffering. Then he abandoned ship.

And the delays have damaged Greece’s already crippled economy. Was Tsipras just a Trojan Horse?

Tsipras’ move appeared to have stopped the game of chicken between Germany and Greece. The offer now raises the next issue: do the European Union, the International Monetary Fund and the European Central Bank, and especially Germany, really want a bailout plan or do they just want to get rid of Greece from the Eurozone? The IMF seems most amenable to getting this thing overwith.

The country faces bankruptcy Sunday if creditors don’t go along.

Banks in Greece are still closed and ATM customers are limited in the amount of money they can withdraw. Businesses can’t pay suppliers, who are demanding cash. No Euro notes were flown into Athens today to ease the cash crunch and won’t be until negotiations finish.

Germany will be the big target to convince. Initial response is, many politician are still not happy for having to give Greece any leeway.

Coverage details here.

Critique from Slate, while WSJ turns Tsipras into Churchill.

Guardian dumps on Tsipras.

Financial Times gives him a little credit.