{"id":10272,"date":"2015-07-21T07:29:57","date_gmt":"2015-07-21T12:29:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10272"},"modified":"2015-07-21T07:29:57","modified_gmt":"2015-07-21T12:29:57","slug":"something-revolutionary-is-in-the-air-grexit-by-insurrection-is-the-most-probable-outcome","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10272","title":{"rendered":"“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome"},"content":{"rendered":"

“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome<\/a><\/h3>\n

A week ago, we\u00a0said the following<\/a>\u00a0about the situation faced by Greek PM Alexis Tsipras when he and his new finance minister arrived in Brussels for the final round of bailout negotiations earlier this month:<\/p>\n

\n
…the entire world looked on in horror as Alexis Tsipras – who just days earlier secured a crucial referendum victory which by all accounts empowered him to ride into Brussels a conquering hero – was eviscerated by German FinMin Wolfgang Schaeuble and several like-minded EU finance ministers who smelled blood after Greece submitted a proposal that betrayed the Greek PM\u2019s lack of conviction.<\/em><\/div>\n<\/blockquote>\n

In short, Tsipras made a fatal error. In an act of alarming defiance, he boldly called for a referendum on creditors\u2019 proposals, campaigned for a “no” vote, and then, once 61% of the Greek populace gave their leader a mandate to reject more austerity, he proceeded to resubmit the very same proposal Greeks had just voted against. That told EU officials that Tsipras had no intention of leveraging the referendum outcome and from there, the “mental waterboarding” was on.<\/p>\n

Now, Greece is stuck with a deal that promises more of the same austerity measures that have so far served only to prolong an intractable recession and indeed, without some manner of debt relief or re-profiling, the new program has no chance of success.<\/p>\n

Given all of this, it isn\u2019t surprising that economists are once again beginning to talk about Grexit, and indeed, who can blame them? It\u2019s difficult to take seriously the idea that the new “deal” has taken a Greek exit off the table when German FinMin Wolfgang Schaeuble still claims that a Greek exit from the EMU might be the country\u2019s best chance at a “classic” haircut and economic recovery. Here\u2019s\u00a0Bloomberg with more<\/a>\u00a0on why Grexit is “back on the agenda”:<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome A week ago, we\u00a0said the following\u00a0about the situation faced by Greek PM Alexis Tsipras when he and his new finance minister arrived in Brussels for the final round of bailout negotiations earlier this month: …the entire world looked on in horror […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5,6],"tags":[2872,2504,95,195,200,279,359,1167,2598,7446,4318],"class_list":["post-10272","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","category-liberty","tag-alexis-tsipras","tag-athens","tag-brussels","tag-debt","tag-default","tag-eu","tag-germany","tag-greece","tag-grexit","tag-insurrection","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10272"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10272\/revisions"}],"predecessor-version":[{"id":10273,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10272\/revisions\/10273"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}