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Related: About this forumGreek leader faces revolt by party hardliners as debt showdown looms
Source: The Guardian
Greek leader faces revolt by party hardliners as debt showdown looms
Alexis Tsiprass bid to delay a 750m loan repayment may fail, prompting a
struggle with those who voted for him
Helena Smith in Athens
Sunday 10 May 2015 00.01 BST
The epic struggle to keep Greece solvent and in the eurozone intensified on Saturday night amid signs of a looming crisis within the anti-austerity government that took Europe ablaze barely three months ago.
As prime minister Alexis Tsipras scrambles to secure a financial lifeline to keep the debt-stricken country afloat, hardliners in his radical left Syriza party have also ratcheted up the pressure. In a make-or-break week of debt repayments, the politician once seen as the harbinger of Europes anti-establishment movement has found himself where no other leader would want to be: caught between exasperated creditors abroad and enraged diehards at home.
With government coffers almost at nil and Athens facing a monumental 750m (£543m) loan instalment to the International Monetary Fund on Tuesday, it is the last act in a crisis with potentially cataclysmic effect. Either Tsipras betrays his own ideology to deter default reneging on promises that got him into power or he goes down as the man who allowed his country to do what no other EU member has done: enter the uncharted waters of euro exit. It is a moment of truth with consequences far beyond the borders of Greece.
No doubt he is having nightmares about betraying ideas that he has held dear all his life, said Aristides Hatzis, associate professor of law and economy at Athens University. To make such a U-turn he is going to have to cross red lines that require a leap of faith I am not sure he has.
[font size=1]-snip-[/font]
Alexis Tsiprass bid to delay a 750m loan repayment may fail, prompting a
struggle with those who voted for him
Helena Smith in Athens
Sunday 10 May 2015 00.01 BST
The epic struggle to keep Greece solvent and in the eurozone intensified on Saturday night amid signs of a looming crisis within the anti-austerity government that took Europe ablaze barely three months ago.
As prime minister Alexis Tsipras scrambles to secure a financial lifeline to keep the debt-stricken country afloat, hardliners in his radical left Syriza party have also ratcheted up the pressure. In a make-or-break week of debt repayments, the politician once seen as the harbinger of Europes anti-establishment movement has found himself where no other leader would want to be: caught between exasperated creditors abroad and enraged diehards at home.
With government coffers almost at nil and Athens facing a monumental 750m (£543m) loan instalment to the International Monetary Fund on Tuesday, it is the last act in a crisis with potentially cataclysmic effect. Either Tsipras betrays his own ideology to deter default reneging on promises that got him into power or he goes down as the man who allowed his country to do what no other EU member has done: enter the uncharted waters of euro exit. It is a moment of truth with consequences far beyond the borders of Greece.
No doubt he is having nightmares about betraying ideas that he has held dear all his life, said Aristides Hatzis, associate professor of law and economy at Athens University. To make such a U-turn he is going to have to cross red lines that require a leap of faith I am not sure he has.
[font size=1]-snip-[/font]
Read more: http://www.theguardian.com/world/2015/may/10/greece-alexis-tsipras-syriza-revolt-debt-showdown
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Greek leader faces revolt by party hardliners as debt showdown looms (Original Post)
Eugene
May 2015
OP
The US had the money to print its way out and bail out the banks wild spending and lending.
libdem4life
May 2015
#2
MichMan
(11,932 posts)1. Same as the rest of them
Pretty much like every other politician across the globe.
During the campaign, make promise after promise, and then once elected say "Ah, jeez, can't really do that!"
RandySF
(58,896 posts)3. He promised what he could never deliver.
If Greece defaults, no bank in the world will ever do business and they will be up Shit's Creek.
libdem4life
(13,877 posts)2. The US had the money to print its way out and bail out the banks wild spending and lending.
Greece does not have that option. It may be the beginning of the de-coupling of the EU. I always had a bad feeling about how that Union of sovereign countries and made up currency would last. My sense is that it was the banker's idea to milk the European middle/lower class, just like here.
This is uncharted social/economic/cultural territory.
RandySF
(58,896 posts)4. I know someone whose parents in Germany keep a stash of D-Marks at hime.
Smart move on their part.
libdem4life
(13,877 posts)5. Seems the way it's headed.