Angela Merkel and Francois Hollande. Demotix/Madeleine Lenz. All rights reserved.
The Brussels summit of July 11 and 12 was undoubtedly one of the darkest moments in the EU’s more recent history. The new agreement between Athens and its creditors within in the Eurozone has rightly been called ‘Europe’s insane deal with Greece’.
Everybody knows that the new agreement can’t work and including the Greek prime minister Alexis Tsipras, who said as much on television. Everybody knows that this is only one more hopeless attempt to kick the can down the road. Most experts who have ever given any thought to the matter know that for Greece to survive within the Eurozone and to regain some amount of economic stability and prosperity, it needs not only a radical haircut which reduces its national debt to a sustainable level – let us say 60-70% of GDP from about 180 % now – but also permanent financial support not in the form of so called loans but as direct financial transfers.
