Austerity or Democracy

ATHENS/BERLIN (Own report) – At Berlin’s insistence, Greece will not receive debt relief and will be forced to submit – contrary to the Greek population’s “No” last Sunday – to Germany’s austerity dictate, or exit the Eurozone. This is what the Eurogroup decided at its summit yesterday evening. Debt relief, as French Prime Minister Manuel Valls had been still considering yesterday afternoon, is out of the question, announced German Chancellor Angela Merkel following the meeting in Brussels. Athens will also have to present detailed austerity proposals by Thursday. European Commission President Jean-Claude Juncker explicitly declared, “if the Greek government is not doing what we expect” a “Grexit” will be initiated. According to insiders, cash will be available at Greek banks only for another two days. By withholding ECB emergency funding, Greece can be driven into collapse, at any time. Just prior to the summit, leading economists signed an appeal to Chancellor Merkel, asking her to stop the “never-ending austerity” – to no avail. In the meantime, even Washington has intervened in the debate. A special EU summit, convened for Sunday, will take the final decision on Greece’s future.

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Greek GDP: The Shocking Reality Vs IMF Forecasts; And Who Is To Blame For The Greek Implosion

With a Greek default, shortly followed by a Grexit, a collapse of the “irreversible union” (but… but… “political capital“), and ultimately the end of the latest European monetary union experiment (the latest in a long and illustrious series of prior failures) now seemingly imminent, the blame game has begun. As the NYT noted overnight “the recriminations that would then fly would be so bitter that they would inflict a second round of damage.”

But who is really to blame? Continue reading