Things are allegedly moving on in the Euroberstürmbannfuhrerbunker at the moment. The word ‘compromise’ has been emitted, following which Woflgang Schäuble took poison and shot his dog. But in my humble opinion, the rest of the news is not quite so good. This is the Bloomberg take on things:
The small issue I have with this bollocks is that the movement by either side so far is tiny – in fact, barely above homoaeopathic.
Berlin will be happy, it seems, to take some of the more obnoxious elements – such as strangling every tenth firstborn and suggesting the Greeks eat the trees as well as the olives – out of the ‘aid program’, but hasn’t budged a millimetre on the Slave Camp’s longevity as a ‘program’. If you look at the debt numbers, without achieving 7% gdp growth for the next 13 years, its longevity with be ‘forever’. That’s not opinion, that’s simple 1st year secondary school compound maths.
As for Syriza, it might go along with a lower budget surplus (which it can’t do and keep its anti-austerity election promises) and might slow down on reversing the privatisation programme. This latter point in particular strikes me as ridiculous: “Yes ok, we’re still going to destroy this hateful neoliberal asset-strippinng system bankers have imposed on us….but we’ll, you know, kind of go slow like all good trade unionists.”
This is movement – let’s be clear about it. In just 36 hours we have gone from “Drop Dead” to “Let’s compromise”. But where can it go from here? In my view, nowhere: the two sides are incompatible unless one or the other radically invents itself. Neither of them will do that.
I had to laugh this morning when I saw that the Barclay Torygraph gave Cameron the credit for telling Tsipras to “jolly well [insert public school cliché here] and pull your finger out of your socks while rolling up your sleeves and do take your hands out of your pockets, you’re an absolute shower, Tsipras”. Call me Dave wanted Alexis to do this because otherwise he would “get in the way of the recovery”. The British Government sees so many people standing in the way of recovery now, nobody can see the recovery for all the people standing in the way of it.
And it’s because of this unreal bubble inhabited by the jokers on the EU side of the table that I rather suspect Syriza might just be playing more tactics here: that is, accept some unacceptable things now…on the grounds that the whole Palace of ice will have melted by this time next year anyway…either of its own volition, or because of a nuclear exchange somewhere in the Ukraine area.
In that general context, you may have spotted a smallish piece at the Telegraph concerning SocGen and its loans to Russia being cut back…and the bank taking a charge of more than half a billion euros. I would comment on this in more detail, but our libertés here in France have been curtailed in such matters…as a result of the reduced atmosphere of fraternité that pertains.
But pieces like that one do give credence to the idea that Varoufakis and Tsipras perhaps feel they are dealing with people soon to be no more. On verra.