Greece: Merkel's victory - a Pyrrhic victory?

Pushing Europe towards disintegration

The Euro Zone Summit on 12-13 July 2015 forced the Greek Syriza-led government into accepting practically all demands of the other euro zone states. In return, the Greek government received the prospect that negotiations on renewed credit programme might commence and the vague promise that longer grace and payment periods on the Greek debt might be considered. An analysis by Joachim Becker

The measures that are envisaged brush the result of the Greek referendum on 5 July aside which had shown a resounding “no” to further austerity. The democratic rejection of the Troika policies in Greece made the euro member states to confront the Greek government with even stricter demands than in the past. Within two days, the Greek parliament is to pass a Value-Added Tax reform that will put an additional burden on the poor, first steps of a pension reform plus the institution of quasi-automatic spending cuts in case that certain budget targets are not met. Within another week, the parliament is to pass inter alia a law on the reorganisation resp. closing down of banks in trouble that will curtail the options to deal with a banking crisis ...

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Find in this article:

A mock of parliamentary democracy
A strategic defeat – not only for Syriza
Rifts within the euro group

The author:

Dr. Joachim Becker is a.o. Professor at the Vienna Wirtschaftsuniversität.

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