8 Jul '15     home | previous

More Debt Crisis

More on Greece's crazy debt crisis. Prime Minister Alexis Tsipras of Greece grew up communist. His political party, Syriza, is described as "anti-establishment." There are those in his own party further to the left than he – Trotskyists, followers of Rosa Luxemburg, Eurosceptics – and also social democrats. Tsipras has become a moderate within his party. He can be described as a pragmatist. He talks about wanting Greece to stay with the euro. Today he proclaimed the obvious: that Greece "needs an agenda for growth." He announced that Greece would "file new concrete proposals, credible reforms for a fair and viable solution." He described the Greek people in the referendum of a few days ago as having "stood up and were counted," and he added that "we have to listen to what they said."

He had created the referendum he is talking about for the purpose of show. Why Tsipras didn't suggest his "credible reforms" weeks ago is a mystery. With his happy smile in public on the way to crisis meetings he looks like a kid enjoying the attention. Someone had said something about the need for adults in the process.

The question today is whether Germany's Angela Merkel will defy public opinion in Germany and agree to the sending of more emergency euros to Greece. If the emergency money is not forthcoming, Greece will have to make its own money – a disruption that will challenge its economy and challenge those who pretend to understand the relevant economic complexities that would then unfold.

Copyright © 2016 by Frank E. Smitha. All rights reserved.