The Greek deal is unfair and unlikely to work. Far from easing the pace of austerity, the agreement embeds itEurope after the Greek talks resembles a battlefield the day after the armies have stumbled away – wreckage everywhere, and everyone counting the cost. What are the essential facts about the agreement? First, it has been reached under duress. The Greek government did not want this deal, does not regard it as even remotely reasonable or fair. The Greek people voted overwhelmingly against a less severe package of measures a little over a week ago. Second, it will be a bitter pill to swallow everywhere else in the eurozone, too. The legislation enabling it will be passed in a resentful mood in every national capital concerned. Third, we very nearly did not have an agreement at all, and things could still unravel. Fourth, while critics of austerity economics have already decided it will not work, even those, like the Germans, who believe that it could are far from certain that it will.An agreement that nobody likes and that may very well fail to achieve its objective of rescuing the Greek economy, and eventually also balancing the European Union’s books as a proportion of Greek debt is paid off, is no triumph. It is not surprising that the little quip offered by the European council president, Donald Tusk – “We have an a-Greekment” – failed to lighten the mood when he announced on Monday morning that talks had been concluded. Continue reading...
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