At best, this is a band-aid on a 5 inch laceration wound for the Greeks and the situation as a whole. As the article states, the leaders of Greece did a complete 180 on their promises to the Greek people and they now have a little explaining to do. At the end of the day, and as inconceivable as it is, all roads on the European continent lead back to Berlin and it’s Fourth Reich via the Troika.
The package was presented as a deal done by the eurozone countries together, but there has been little doubt throughout the tense and at times angry negotiations that it was Germany which pulled the strings.
Having refused to grant Greece’s request of six months’ grace on its loans and a rapid rolling back of austerity measures, Germany eventually accepted the belated compromise of a four-month extension.
That means Greece will now not run out of money next month and allows the new government in Athens space to continue negotiating with its creditors for a relaxation of the terms of its debt.
In an indication of how ill-tempered the talks were between Germany’s hardline austerity proponent Wolfgang Schäuble and his opposite number from Greece, the finance minister Yanis Varoufakis, Mr Schäuble hinted that he had scored a great victory.
“The Greeks certainly will have a difficult time to explain the deal to their voters,” he declared.
Several analysts agreed that the result of the talks amounted to a humiliating defeat for Greece.
Essentially, Greece has performed a U-turn on Prime Minister Alexis Tsipras’s declaration that the previous bailout was “dead”, along with the control of the so-called Troika of the EU, IMF and ECB. Under the deal, the current bailout continues under the auspices of the same international creditor groups.
Full article: Greek bailout: Germany claims victory as Greece agrees four-month bailout extension (The Independent)