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Day 3 — Defiance

Published Thursday, July 2nd, 2015

Alex Tsipras claims that a NO vote will strengthen his negotiating hand. Other eurozone leaders are adamant that if there is a NO vote there will be no-one at the table for Tsipras to negotiate with, because Greece will have effectively voted to leave the euro. If you were a Greek voter who would you believe? Sadly neither side has a strong track record of honesty, transparency or following through by doing what they say. Red lines are constantly crossed, deadlines evaporate, threats melt away and ultimatums are thrown around like sweets.

The one concrete achievement of the debacle is a loss of respect for Greece, the European Commission, the IMF and the eurozone as a credible monetary union. The only winners are eurosceptics and those countries who refused to be part of the euro and of course Russia who sees a weak, divided and financially vulnerable grouping on its western flank.

Yesterday was another day of rumours this time suggesting that the Greek Prime minister had made important concessions in a last minute attempt to get a deal and call off the referendum. It turns out that the concessions were full of conditions that the Eurogroup had already rejected so later in the day a defiant Alex Tsipras confirmed that the referendum would go ahead. He urged the Greek people to vote NO saying that “the sirens of destruction are blackmailing you to say yes to everything without any prospect of exiting the crisis”. Doubts still remain as to whether there is enough time for proper referendum procedures to be put in place, and this might be his escape route and we can be sure that legal challenges are already being prepared.

to read the rest of the report, please click here

Posted by David Hufton