Greece back-pedalling on anti-austerity push

Within the last week it certainly, as described here, looks as if Greece blinked and the German dominated EU wins. However, Greece still has a card left to play in this game: The economic nuclear option. This essentially entails a ‘Grexit’ that will possibly cripple the EU and set a precedent for other member nations. One should also consider that this would have an economic ripple effect on the entire world economy, not just Greece and the EU. This basically opens Pandora’s Box.

 

Brussels: Just a month ago, after being propelled to power by a wave of anger at Greece’s economic miseries, Alexis Tsipras declared his Syriza party’s election victory the start of a Europe-wide revolt against austerity. “Europe is going to change,” he said before setting off on a tour of European capitals to rally support for a more relaxed new direction.

The “anti-austerity revolution” proclaimed by Syriza and its fans elsewhere, however, has now fizzled, its passions doused by the political reality that leaders in the rest of Europe do not want to join or, more importantly, finance the Greek-led revolt.

How the European dream is dying, state by state

As Greece prepares for an election which could decide the fate of Europe, find out how the EU project is slowly falling apart in the ten major member states and two cities which form its heart

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In Greece, a far-Left Socialist party, Syriza, is poised to win elections with a political programme that would overturn eurozone policies. Many believe the Greek revolt against the loss of their economic sovereignty by eurozone diktat from Brussels or Frankfurt is only the beginning.