>> #1: It's not over with Greece and the Eurozone...
Icy, this saga has a long way to run yet. Greece has effectively been colonised by Euroland, led by Germany. Tsipras will probably be re-elected, but the real pain will begin later when the Greeks begin to feel the force of the German backed financial straitjacket which will squeeze the pips out of Greek society in return for the latest EU bail-out cash.
Have a look at the grinding poverty measures which will have to be imposed to secure the bail out cash from the euroland bankers - how would Australians feel being frogmarched by a foreign power (say China) into this:
>> Greece now faces stringent foreign supervised regulations regarding its financial future... details have emerged of the extraordinarily detailed new memorandum of understanding struck between Greece and its creditors...
>> Myriad detailed money-raising measures are listed in the bail out document, from scrapping tax breaks for farmers, down to taxing TV adverts and centralising the procurement of health supplies.
>> Pension reforms, once a “red line” issue for Syriza, also feature here, and are expected to save 1% of GDP in 2016, including by creating “strong disincentives for early retirement”.
>> Athens has accepted unprecedented foreign oversight of its financial sector from the troika of creditors – the International Monetary Fund, the European commission and the European Central Bank. As the memorandum says, “all measures, legislative or otherwise, taken during the programme period, which may have an impact on banks’ operations, solvency, liquidity, asset quality etc. should be taken in "close consultation” with the Troika of creditors.
>> Athens has pledged to launch a review by October of labour market practices, including “collective dismissal, industrial action and collective bargaining”, and determining whether or not they are aligned with Euroland norms.
>> In order to upgrade its transport infrastructure, Greece will, 'adopt a general transport and logistics master plan,' covering 'road, railways, maritime, air and multi-modal,' and a 'time-limited action plan for the logistics strategy'.
>> Greece will re-write the regulations covering a series of jobs, including 'the restricted professions of notaries, actuaries, and bailiffs'.
>> Establishment of an 'arms-length body' – referred to in the memorandum as the 'Fund' – for overseeing the next wave of Greek privatisations - and holding on to the proceeds.
>> Reform of the judiciary. Cutting travel allowances and perks for Greek civil servants...
(see the following reader comments)
www.theguardian.com/greece/bailout-what-has-greece-signed-up-for
>> Will the bailout work?
>> Sceptics argue that Greece has sunk so low it needs significant structural reforms, further cuts in public spending and a hefty debt write-off. They point to the collapse in industrial production, the high unemployment, the corruption that affects so many business transactions and public sector life; the lack of investment in basic infrastructure, and the loss of so many highly educated youth to overseas jobs as a hindrance to progress.
>> The inability of the Greek government to use its budget to pay for anything more than basic pensions, public sector salaries, welfare and the interest on its massive pile of debts, is another reason to be doubtful...
www.theguardian.com/greek-bailout-qa-what-happens-next
On top of all this, Greece is having to deal with waves of penniless migrant refugees from Africa and the war torn countries of the Middle East landing on the Greek coast in flimsy leaking boats:
https://www.youtube.com/watch?v=g2m7YubuWCg
None of course want to stay in poverty stricken Greece - they want to walk the hundreds of miles to the promised rich lands of northern Europe. I have just seen on TV scenes of these helpless people being beaten back into Greece from the border with Macedonia by border police with tear gas and stun grenades:
https://www.youtube.com/watch?v=j3gh4-5Ur94
>> and the fat lady sings Unter der Laterne, is it?...
Vor der Kaserne, vor dem großen Tor,
Stand eine Laterne, und steht sie noch davor
Und alle Leute wollen es sehen
Dass wir bei der Laterne stehen
Wie einst, Lili Marleen,
Wie einst, Lili Marleen.
In front of the barracks, in front of the great door
Stood a street lamp, and it stands there still
And everybody wants to see us
Standing again under that street light
As before, Lili Marleen
As before, Lili Marleen
https://www.youtube.com/watch?v=hZAV4hsP5WU
Amen.
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