Greece Surrenders to Europe — For Now

<a href="http://www.shutterstock.com/pic-114878413/stock-photo-apollo-temple-at-the-acropolis-of-rhodes-at-night-greece.html?src=p1hUb7VvEgBMdMAj1aWABw-1-47">VLADJ55</a>/Shutterstock

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


Well, it appears that Greece has accepted the European deal. This means austerity as far as the eye can see, and no guarantees from Europe except that negotiations over the real agreement will begin soon. Greek opinion on the street was mixed:

Miltiades Macrygiannis, proprietor of an antiques store in Athens, Art and Craft Interiors, said he was hopeful and relieved that a so-called Grexit — a Greek exit from the eurozone — appeared to have been avoided. But he was also disgusted.

“It’s simple: We wasted five months,” Mr. Macrygiannis said. In the end, he added, the austerity measures that had to be taken appeared to be worse than what the creditors had been willing to give five months ago, when the new Greek government took office.

All true. And banks will remain closed for at least another week until Greece passes legislation implementing the preconditions just to get talks started. After that, who know? But Grexit is still a live possibility. Alexis Tsipras has chosen against it for now, but there’s no telling if he’ll remain opposed once the Europeans really start twisting the knife.

In any case, if he’s smart he’ll start up all the plans for Grexit so he’s ready to go if that’s the way things turn out. There’s not much point in keeping it secret, either. Everyone knows it’s a real option now, so he might as well have drachmas and government IOUs ready to go if the day comes. Grexit may never come, but if it does, there’s no point in making it even more chaotic than it has to be.

WE'RE TAKING A SHORT BREAK…

from the big banner at the top of our pages asking for the donations that make Mother Jones' nonprofit journalism possible. But we still have upwards of $300,000 to raise by June 30, whether we get there is going to come down to the wire, and we can't afford to come up short.

If you value the reporting you get from Mother Jones and you can right now, please join your fellow readers who pitch in from time to time to keep our democracy-advancing, justice-seeking journalism charging hard (and to help us avoid a real budget crunch as June 30 approaches and our fiscal year ends).

payment methods

WE'RE TAKING A SHORT BREAK…

from the big banner at the top of our pages asking for the donations that make Mother Jones' nonprofit journalism possible. But we still have upwards of $300,000 to raise by June 30, whether we get there is going to come down to the wire, and we can't afford to come up short.

If you value the reporting you get from Mother Jones and you can right now, please join your fellow readers who pitch in from time to time to keep our democracy-advancing, justice-seeking journalism charging hard (and to help us avoid a real budget crunch as June 30 approaches and our fiscal year ends).

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate