I've spent the last hour or so trying to get up to date on the crisis in Greece. I haven't yet talked with my family there. Several days ago they said they were at the point of being so drained, so exhausted by this ongoing tragedy that they just wanted the resolution to come, even if that meant being forced out of the Euro Zone. I have no idea how they now feel about the latest drama, Tspiras's waving of the white flag. Will it be with relief? That they can get on with what is left of their business now that the banks may open if this all goes through?
As for me, I had a dear Greek friend who used to say for good or bad happening, "Well, how do you like that!" I am on the outside looking in, so for me I do not like it very much. But when your banks are closed, as your country is imploding, with businesses brought to a standstill or failing, over 1 billion owed by the government for medications and pharmacies reporting shortages, I could go on and on but for those of following this Greek tragedy, we are aware of the horrors.
the scale of Alexis Tsipras’s climbdown: As Connor Campbell of Spreadex.com explains:
In a strange turn of events considering the resounding ‘no’ cried out by the Greek people to austerity, Tsipras submitted a proposal to creditors on Thursday that contains around €13 billion in cuts and tax rises, €4 billion more than the plan the public rejected. The concessions this reflects, especially on primary budget surpluses, VAT and pensions (i.e. all the ‘red lines’), and the swelling chances of a deal actually being made, is in no doubt the reason behind the robust early gains of the DAX and CAC. However there is still more work for Tsipras to do, and in many ways the most difficult task lies ahead; the Greek PM now has to try and convince his government this Friday to back the €13 billion plan, one that seemingly flies in the face of the anti-austerity rhetoric that has been Syriza’s bread and butter since before the party was elected.
Tsipras rattled his sabre until it was blunt – and for what?
Five months of brinkmanship has caused untold damage to the Greek economy for no purpose whatsoever......
The tragedy is that there is no end in sight to the suffering of the Greek people. They have seen their country’s economy shrink by 25% in five years and it was already back in recession when the banks closed their doors two weeks ago. The damage caused by the rapid descent into a cashless, semi-barter economy will be profound and long-lasting. It would take months if not years to repair the damage even if pro-growth policies are pursued. That, sadly, will not be the case.
Back in February newly elected Greek Prime Minister Alexis Tspiras said......
"Give us six more months, and we will be another country"
We will put an end to the injustice in Greek society. The past years have seen scores of people failing to pay their contributions to the community. Instead, they used the crisis to line their pockets – illegally. Some are evading taxes, others are smuggling oil and tobacco on a large scale, and it's costing the state billions of euros. We're certain that there's a lot of money to be found there. But we need time to accomplish this.
And when asked, "How much time?" - Tspiras answers
I'll make a bet with you. If we get six more months, Greece will be another country altogether. Although our previous government had the opportunity to combat these dubious activities, it lacked the political will. The reason being that they were far too closely entrenched with big business. Our advantage is that we have no obligations.
The Global Financial Crisis Of Greece - BBC Documentary