Tuesday, June 9, 2015
The Greek Trap
New York Times
June 8, 2015
Trying to save Greece has become an exercise in the absurd. Greece is near-enough bankrupt. Most Greeks know that. It can never repay its debts, no matter how many deals with creditors are pulled out of a hat.
The country is now run by a radical left party whose ministers have close to zero executive experience. Their executive experience nonetheless exceeds their diplomatic experience. This stands at less than zero — and it shows. The party, Syriza, includes people who want to re-fight the Greek Civil War (1946-49) in the belief the Communists will triumph this time.
For now, the party’s main enemies are international creditors and of course the Germans, who want the Greeks to present a plan of some sort to balance their books before doling out more cash — about $8 billion in fact — as part of an enormous bailout program. The thing is, however, that Syriza was elected precisely to say foreign-imposed austerity had already done enough damage to Greece.