Greece’s financial crisis and the resulting threat to the integrity of the European Union is resolved for now. That’s a worldwide relief. It’s also a fascinating case study in the relationship between political posturing — individual or national — and
Greece’s financial crisis and the resulting threat to the integrity of the European Union is resolved for now. That’s a worldwide relief. It’s also a fascinating case study in the relationship between political posturing — individual or national — and pragmatic problem-solving.
Americans might ponder this as our three ring circus of presidential wannabes ramps up. (Don’t get distracted here imagining Donald Trump’s role, although it could involve a tiny car.) Voters’ job is to figure out whose posturing and perhaps bluster will be useful in actually getting things done, and whose will just make people mad.
Greece’s voters threw their tantrum about austerity in a referendum July 5, outraged at a deal that actually was a lot better than the one they just accepted. Whatever. They seem to have come to their senses about their nation’s fiscal plight.
Greece’s parliament grudgingly approved financial reforms demanded by its creditors in the euro zone. Based on this, the European Central Bank last week allowed an extra $975 million of “emergency liquidity assistance” for Greek banks, so most of them reopened on Monday. Strict withdrawal limits remain, but just opening the doors lowers the level of popular financial angst.
The parliamentary vote also allowed Greece to obtain additional temporary financial backing worth more than $8 billion.
While the deal negotiated in Brussels is demonstrably worse than the one voters overwhelmingly rejected just weeks ago, it was the best and only deal Greece was going to get. So 229 legislators swallowed hard and voted for it while 64 voted no and six abstained.
The vote sent a message to the world that, despite bluster to the contrary, Greece isn’t ready to bolt from the European Union.
The sudden capitulation by Greek leaders grows curiouser and curiouser, however.
Prime Minister Alexis Tsipras, who was elected on a platform of rejecting austerity and who called the July 5 referendum to show voter defiance, was the very person who spent 17 hours negotiating the inferior deal.
Years of hardship still lie ahead for Greece. But if voters are happy now, well, that’s great. Sometimes you have to just get something off your chest before you hunker down and do the right thing.
There’s a wide chasm between campaigning and the actual business of governance.
Keep that in mind as we face 16 more months trying to parse snippets of common sense from presidential campaign blather.
— San Jose Mercury News
