Banskters Win, Greek Government Buckles (Maybe)

FT puts it straight:

Greece on Monday caved in to an ultimatum from Germany and its other creditors and agreed to rush through long-resisted economic reforms in just three days in a desperate bid to secure a €82bn-€86bn rescue and stay in the eurozone.
Worn down by a 17-hour eurozone leaders’ summit that capped a weekend of talks, Greek premier Alexis Tsipras yielded to the most intrusive economic supervision programme ever mounted in the EU.

He agreed to sequestrate €50bn of Greek assets — for privatisation, bank recapitalisation and debt repayment — and put them into a special Athens-based fund. He also swallowed his pride and accepted plans for a high level of domestic economic supervision by the bailout monitors, including the IMF, and a public administration overhaul overseen by the European Commission.

 BUT

 [[B]y midday on Monday the deal was already running into resistance from leftwingers in Mr Tsipras’ Syriza party.

Panos Skourletis, labour minister, told Greek television that Mr Tsipras’s parliamentary majority was in danger.

“Right now there is an issue of a governmental majority. I cannot easily blame anyone who cannot say ‘yes’ to this deal.”

Iskra, a website that reflects the views of Syriza hardliners, said in an editorial that the deal once again put Greece under the tutelage of its bailout monitors and that the Greek people should resist it.

Then there is this

In disappointment to #banks in #Greece , @ecb said not to be increasing #ela funding today despite deal with #eurogroup .Bk holiday extended

— Mohamed A. El-Erian (@elerianm) July 13, 2015

Not only does Tsipras, as a lefty radical, not understand economics, he appears to be a terrible negotiator and I wouldn't be surprised if he is forced to resign.

-RW