Brutality towards Greece

Let no one misunderstand: the brutality shown to Greece is meant to be a lesson to everyone. There is no alternative to following the dictates of the bankers.

As Sinn Fein condemns treatment of Greece as 'alarming', says EU framework shattered, Gerry Adams says that:

“Today could well be the day when all pretence of a Europe of equal states and people was lost and replaced by a Europe of the powerful and the wealthy.”

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Kenneth Thomas, in Impending disaster in Greece, writes that:

The Germans, it would appear, have decided to push Greece from the eurozone. But demanding an end to Greek sovereignty and austerity as far as the eye can see is simply evil. Moreover, it negates the long-successful stand of European Central Bank (ECB) president Mario Draghi that the ECB would do “whatever it takes” to keep the eurozone intact. The ECB’s reputation would be damaged greatly should crisis recur in Spain, Portugal, Ireland, etc., now that the world knows the ECB will not do “whatever it takes.” This is a recipe for a new recession in Europe spreading from the EU periphery.

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Kevin O'Rourke says that 'Negotiating with Germany is a Waste of Time':

…I don’t suppose that any other left wing party that may come to power in the future seeking to challenge the current European economic policy mix will be as feckless as Syriza. The lesson that they will draw from this debacle is: negotiating with Germany is a waste of time; be willing to act unilaterally, be willing to default unilaterally, have a plan for achieving primary surplus if you haven’t already achieved it, have a hard default and euro exit (now possible, thanks to the Germans) option in your back pocket, and be willing to use it at the first sign of hassle from the ECB. A deal could have been done today that would have strengthened the Eurozone, but instead it has just become a lot more fragile.

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Bill McBride comments on Greek Deal:

The beatings will continue until morale improves.

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