Sunday, July 5, 2015


By voting NO, the Greeks have put their Prime Minister in a box.  His mandate cannot be ignored and he will feel obliged to negotiate even more generous terms both with Brussels and the IMF.  In reality his room for manoeuvre has gotten smaller and it is hard to see how the Euro group, which is fed-up with the antics of the Greeks, can be more forthcoming than in the past. Surely adjustments are possible but the basic problem remains. The Greeks were never part of a sophisticated consultation. They became hostage to a demagogic scenario and a hidden agenda. The internal gridlock remains the same.

Athens might be foolish enough to imagine that it was comforted in an anti-Brussels stand. This would be all the more dangerous since it might boomerang when the money runs out, not in timely theory but in unforeseeable practical terms.  Unpleasant words have been said. After all, creditors are entitled to expect better manners from the Greek Beggars Opera.  On the other hand, the Greeks deserve respect and support as long as they obey by the rules of accepted good governance. There should be no room for Schadenfreude. Greece is a small piece in the EU puzzle but the infection may spread to the EU, to markets at large and to NATO. The play is too large for a Greek group of amateurs or personalities with a dubious standing. The names of Manolis Glezos and Nikolaos Michaloliakos come to mind,  unsavoury demagogues, who can join the ranks of other EU undesirables.

All reasonable parties should choose for reason. The former is claimed by Greece but they better reclaim their lost property first at the "Lost-and-Found" window.

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