by Summary:
The results of the new Greek bailout announced Sunday should not be a surprise. The program requires tax increases, pension cuts, weakening of collective bargaining clauses, and “ambitious” primary surplus targets, which would require € 13 billion in spending cuts, in exchange for € 50 billion to avert default and the collapse of banks. The adjustment program will deepen the already incredibly prolonged and severe collapse of the Greek economy. It implements a draconian fiscal adjustment, that has utterly and visibly failed, and that was overwhelmingly rejected by the Greek people in a referendum last week. In many ways Prime Minister Alexis Tsipras and Syriza had an impossible mandate, to remain in the Eurozone, and to deflect the austerity policies that are the only solution accepted by the Troika – the European Commission, the European Central Bank, and the International Monetary Fund.Also, the proposed program is not the end of the story. It is unclear that the new agreement would pass in the Greek parliament, and it seems that several members of Tsipras’s party will vote against it. Left Platform, a subgroup of Syriza, would most likely vote against it. If the bailout is approved, which seems probable, it will be with the support of the traditional parties and ultimately with those that supported the Yes vote in the referendum.
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Matias Vernengo considers the following as important: Greek crisis
This could be interesting, too:
The results of the new Greek bailout announced Sunday should not be a surprise. The program requires tax increases, pension cuts, weakening of collective bargaining clauses, and “ambitious” primary surplus targets, which would require € 13 billion in spending cuts, in exchange for € 50 billion to avert default and the collapse of banks. The adjustment program will deepen the already incredibly prolonged and severe collapse of the Greek economy. It implements a draconian fiscal adjustment, that has utterly and visibly failed, and that was overwhelmingly rejected by the Greek people in a referendum last week. In many ways Prime Minister Alexis Tsipras and Syriza had an impossible mandate, to remain in the Eurozone, and to deflect the austerity policies that are the only solution accepted by the Troika – the European Commission, the European Central Bank, and the International Monetary Fund.Also, the proposed program is not the end of the story. It is unclear that the new agreement would pass in the Greek parliament, and it seems that several members of Tsipras’s party will vote against it. Left Platform, a subgroup of Syriza, would most likely vote against it. If the bailout is approved, which seems probable, it will be with the support of the traditional parties and ultimately with those that supported the Yes vote in the referendum.
Topics:
Matias Vernengo considers the following as important: Greek crisis
This could be interesting, too:
Stavros Mavroudeas writes The Greek Saga: Competing Explanations of the Greek Crisis – S.Mavroudeas, New York University, 24/3/2023
Matias Vernengo writes Leo Panitch and the Lessons from Socialist Defeats
Yanis Varoufakis writes The new austerity tsunami about to hit Greece, Italy et al – EURONEWS (VIDEO)
Yanis Varoufakis writes Yanis Varoufakis: “Syriza Was a Bigger Blow to the Left Than Thatcher” – JACOBIN
The results of the new Greek bailout announced Sunday should not be a surprise. The program requires tax increases, pension cuts, weakening of collective bargaining clauses, and “ambitious” primary surplus targets, which would require € 13 billion in spending cuts, in exchange for € 50 billion to avert default and the collapse of banks. The adjustment program will deepen the already incredibly prolonged and severe collapse of the Greek economy. It implements a draconian fiscal adjustment, that has utterly and visibly failed, and that was overwhelmingly rejected by the Greek people in a referendum last week. In many ways Prime Minister Alexis Tsipras and Syriza had an impossible mandate, to remain in the Eurozone, and to deflect the austerity policies that are the only solution accepted by the Troika – the European Commission, the European Central Bank, and the International Monetary Fund.
Also, the proposed program is not the end of the story. It is unclear that the new agreement would pass in the Greek parliament, and it seems that several members of Tsipras’s party will vote against it. Left Platform, a subgroup of Syriza, would most likely vote against it. If the bailout is approved, which seems probable, it will be with the support of the traditional parties and ultimately with those that supported the Yes vote in the referendum. In that sense, those that suggest the bailout was a coup d’état, and that it undermined democracy are on the right track.
Also, the proposed program is not the end of the story. It is unclear that the new agreement would pass in the Greek parliament, and it seems that several members of Tsipras’s party will vote against it. Left Platform, a subgroup of Syriza, would most likely vote against it. If the bailout is approved, which seems probable, it will be with the support of the traditional parties and ultimately with those that supported the Yes vote in the referendum. In that sense, those that suggest the bailout was a coup d’état, and that it undermined democracy are on the right track.