There is an old maxim that says, “The voice of the people is the voice of God.” Certainly, this must be the thought that the Prime Minister of Greece, Alexis Tsipras, is harboring as the Greek people in a referendum overwhelmingly voted “no” to side with him against austerity measures being imposed by the country’s European creditors.
Late last month, the leftist Prime Minister walked away from negotiations in frustration at the creditors’ demands, called the referendum and urged Greeks to vote no as a way to give him more bargaining power.
The fact of the matter is the country still has its bill to pay and needs money and not votes to meet its obligation.
Now, the country could walk away from the negotiation table, face default, and suffer financial collapse and expulsion from the Eurozone and ultimately the European Union.
That said, with all the posturing of Greek lenders, the bottom line is other than debt forgiveness and less strenuous and stringent terms by its creditors there is no way Greece can meet its debt obligations.
The truth is the country’s huge balance of payments deficits, government debts, and budget deficits and the draconian measures being imposed to address them would not only have a crippling effect on life in the country, but also take it back to Stone Age days.
On the other hand, a country should never be allowed to be governed to the ground to which Greece has found itself.
Perhaps the time has come to hold politicians guilty of economic crime against humanity in an international court of justice.
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