15 May, 2012

Greece's far left is lyyying

Greece: Everyone's Bluffing: Well on the face of it, his policy makes no sense. He says he rejects the E.U.-imposed austerity program but wants to stay in the euro and in the European Union. But Greece has a large primary budget deficit and no source of market financing. The E.U. is insisting on an austerity program, but it's also giving them cold, hard cash in the interim. Reject the austerity program and you lose the E.U./IMF money and need to implement an even harsher austerity program. Tsipras is a bit like a guy standing in your living room threatening to blow his own brains out unless you pay him money, a proposition he offers on the theory that you'd rather not see your furniture ruined.