The Referendum Was a Disaster for the Greek Left

There is no small amount of irony in the fact that the Greek referendum, which resulted in a resounding rejection of the terms of a fresh bailout from Greek creditors, has so spectacularly backfired. The members of the far-left Greek Syriza Party that sought a plebiscite resulting in the rejection of “austerity” hoped to cloak themselves in the legitimacy of a mandate at the polls. Instead, they have been made to accept even harsher terms from Brussels. Betrayers, Syriza must now come crawling back to their fellow Greeks on hand and knee, begging for the ratification of an even worse deal from the Greek perspective.

  • Ed

    To be clear, when you get a bank loan as an individual, the money you borrow comes from the deposits of your neighbours. It doesnt come from thin air. No different when governments borrow. So the greeks don’t think they should pay their neighbors back. They think a neighbour that expects to get paid back is a “tyrant.”

  • simus1

    As time passes, it will become very clear that the dishonest far left Greek government now in power or any successor regime of any political stripe have no intention of abiding by this farce agreement. Greece is in dire need of being run for at least a decade by a good bankruptcy administrator and free market entrepreneurial evangelist in the styles of Ludwig Erhard and Milton Friedman.

  • ntt1

    I was impressed by the IMFs take on Greece they are saying it s debt to GNP ratio is closer to 200% and that it could take 30 years to clear the debt. The IMF is pushing for some relief but how is that possible;e without the whole house of cards that is the EU coming down.

    • Fran800

      Exactly. The whole house of cards that is the EU will collapse.
      I recommend reading “The Great deception: Can the European Union Survive?” by Christopher Booker and Richard North.

  • favill

    Collaterize the debt with land. For a 100B Euro they put up an island or islands that draw in 100M Euro/yr in tourist money. All income from all the businesses, hotels, farms, right down to the side of the road vendor on the island(s) go directly to pay off the loan.

  • Maple Curtain

    They’re Bolshies with nationalist leanings (do I hear the ‘N’ word? No, not that US ‘N’ word, the German ‘N’ word).

    The first finance minister, the one who resigned after the first deal, was cited as having massive pro-EU leanings only with more protection for national sovereignty.

    Never mind that that is incoherent, the point is that the hard left are hard on for big totalitarian government, which is why Syriza don’t want to leave the EU and have Greece revert to being a no-influence backwater – kind of like Scotland with good beaches and warmer climate.

  • Fran800

    Such savage remarks make me sick. What do you want to do, starve them all? Any number of countries have defaulted, or in less serous cases, floated their currencies to semi-default. The reason Greece can’t do it is the Euro.
    I suggest reading the articles of Peter Morici, one of which appeared in the Sun. He pointed out that in the past 5 years, Greeks have endured such austerity that, if it were not for this debt, they would have eked out a surplus. But over the same time, the debt increased from 100% of GDP to about 200%. I’m saying that they have reformed, but it can’t help! There is absolutely no way they can pay off the debt.
    There is a Canadian Press article about Harper with the noble Yatsenyuk in Kyiv. Ukraine’s debt is now about 95% of GDP (really much more), but “the country’s parliament recently passed legislation that allows the government of Petro Poroshenko to suspend payments to private foreign creditors while Ukraine’s debt is restructured. If the creditors don’t agree, the government could simply default.” They can do that because they are not in the EU — yet.
    And Kenney is optimistic that default is not in the cards.
    Kenney and Harper then purr that “unlike Greece, Ukraine is actually making a very serious effort under the current government to bring in reforms.”
    Actually, Ukraine was near bankruptcy repeatedly under Yanukovych and failed to pay for its gas from Russia. Russia kept giving them more credit, but they thought they could get more from the EU. It’s okay with Western leaders if Ukraine defaults on Russia. Or perhaps I should say on “Poo-tin”.
    I recommend also listening to the YouTube videos of Nigel Farage, a noted “right-winger,” who blasts the whole treatment of Greece. But he knows the only way out for Greece is to leave the Euro.
    Somehow the smaller countries see safety in the EU and prosperity in the Euro. They are terrified of leaving it, and smaller countries like Serbia and now Ukraine all want to join. It seems to me the only thing you get from belonging to the EU is loss of sovereignty, Gay Pride parades, and demographic Muslim assault. The EU frontier agency Frontex doesn’t even protect them.