The people said no but their dodgy socialists government capitulated and said yes

You’ve got to love the wog politicians.

They egg on their population to say No in a referendum, which they then do. Then it seems they had no plans on what to do next because after two weeks of pressure the Greek government has?capitulated and gone against the No vote and said Yes to the EU.

Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday (Tuesday NZ Time) in return for agreeing to talks on an ?86 billion bailout to keep the near-bankrupt country in the single currency.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

“Clearly the Europe of austerity has won,” Greece’s Reform Minister George Katrougalos said.

“Either we are going to accept these draconian measures or it is the sudden death of our economy through the continuation of the closure of the banks. So it is an agreement that is practically forced upon us,” he told BBC radio.

Greece however aims to reopen its banks on Thursday, bankers said. Facing a wave of withdrawals, the banks closed two weeks ago.

If the summit on Greece’s third bailout had failed, Athens would have been staring into an economic abyss with its banks on the brink of collapse and the prospect of having to print a parallel currency and exit the euro. ?

“The agreement was laborious, but it has been concluded. There is no Grexit,” European Commission President Jean-Claude Juncker told a news conference after 17 hours of bargaining.

He dismissed suggestions that Tsipras had been humiliated even though the summit statement insisted repeatedly that Greece must now subject much of its public policy to prior agreement by bailout monitors.

“In this compromise, there are no winners and no losers,” Juncker said. “I don’t think the Greek people have been humiliated, nor that the other Europeans have lost face. It is a typical European arrangement.”

Well, the Greek government is now teetering as coalition partners get the wobbles.

Greece’s Prime Minister Alexis Tsipras returned to face a mutiny within his coalition after he surrendered to European demands for action to qualify for up to 86 billion euros (NZ$141bn) of aid Greece needs to stay in the euro.

With two factions in his government already saying they won’t support the deal, Tsipras met with his closest aides as he tries to stop the revolt from spreading before a vote in parliament on Wednesday (local time). Creditors’ demands include an overhaul of sales tax, a broadening of the tax base and a clampdown on pension costs.

Tsipras will “have to change his administration and clear out hardliners and radicals from his party”, as well as rely on opposition support to pass the necessary measures, said Eurasia Group analysts Mujtaba Rahman and Federico Santi. “But it is a tough call to determine how Tsipras will go about doing this.”

Tsipras has basically lied to the population who all?thought he was flipping the bird at the Krauts.

It is almost as if the Greek government sought strategy advice from the Labour party.

1. Vote No

2. ???

3. Win

Unfortunately for them the EU was a hell of lot tougher than that. Tsipras simply had to capitulate because there was no money otherwise.

So after voting No the population are now going to have to stop being bludgers.

 

– Fairfax

59%