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?
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.
Guardian dumps on Tsipras.
Financial Times gives him a little credit.