The German Grexit plan may have been the lesser of two evils

“The Greeks no longer control their own privatization process, nor do they control what happens to the proceeds, half of which go to pay back the bailout loans! […]

The new agreement ensures not only that all Syriza’s red lines have been breached but that with one exception, anti-austerity legislation passed earlier that might have breached the conditions of the previous bailout must be rescinded and any new legislation must be approved by the institutions. […]

Had Syriza planned for Grexit in the early stages of negotiations, it would have been able to press for Germany’s alternative scenario as a far better alternative to a fire sale of its assets with the money used mostly to pay debt. It really does not matter that Germany and other countries want a Grexit because they consider Greece a burden to the eurozone and its taxpayers, a Grexit would still free Greece from being ruled by creditors and at least give them control of their own legislature and resources. Surely that is better than a promise of three years of debt slavery and a possible debt restructuring but no ‘haircut.’


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