Greece: Revolt over austerity deal reaches Cabinet

Prime minister, Alexis Tsipras, from hero to zero in almost the blink of an eye, between 35 and 40 of his own parliamentary supporters have indicated they will vote down the highly contentious EU poisonous ultimatum disguised as a bailout. Alexis Tsipras is the very definition of a political busted flush.

I always believed the British political system nailed 'irony' down to a tee, but hapless Tsipras fits Napoleon Bonaparte's observation 'glory is fleeting, but obscurity is forever' perfectly.

Through all his hot air and hubris Tsipras is faced with imposing never passed before reforms so intrinsically doomed to failure, barely week after a Greek electorate overwhelming rejected a 'water down' bailout package Tsipras so passionately rejected. It beggars belief!

To add further insult to injury IMF has published a debt sustainability update indicating the organisation future continued support and cooperation will depend on the EU having to except far reaching debt sustainability restructuring beyond Greece, encompassing Spain, Portugal and Italy. Above all consideration to long term fiscal transfer union. I have linked what IZA views upper level EFU would look like...

An Update of IMF Staff’s Preliminary Public Debt Sustainability Analysis..... Country Report No. 15/186

http://www.imf.org/external/pubs/cat/longres.aspx?sk=43080.0

Nine Key Questions on Greece

http://www.imf.org/external/country/grc/greecefaq.htm

European Fiscal Union: What Is It? Does It Work? And Are There Really ‘No Alternatives’?

ftp://ftp.iza.org/pp39.pdf

Thoroughly humiliated by Schäuble. The irony is that while this makes Germany look like the bully and Greece like the victim, both countries are losers here. It is insane Euro system which has forced this bizarre situation, precisely as predicted already by the earliest Euro critics.

You can not possibly lock 2 economies so completely differnent as Germany and Greece in the same currency. Well, unless onless one country gets completely absorbed by the other, like what happened between East and West Germany. (Where, ironically West Germany is STILL paying transfer money to East Germany, after East German industry was wiped out by the switch to the Western Deutschmark --- that Schäuble of all people is unaware of that boggles the mind.)

I do believe for the first time the European Union may have reached the end of the road. Commentators and broadcasters once considered to be staunchly pro-European Union are beginning to falter..

The European Commission is hell bent on utilizing the defunct European Financial Stability Mechanism to raise a bridging loan facility for Greece to cover financial obligations until the supposed bailout conditions are agreed by all parties. This even though German finance minister Wolfgang Schäuble is still reticent about Germanic commitment to the entire deal....

The left must put Britain's EU withdrawal on the agenda

http://www.theguardian.com/commentisfree/2015/jul/14/left-reject-eu-greece-eurosceptic

Apologies last comment .....

European Fiscal Union: What Is It? Does It Work? And Are There Really ‘No Alternatives’?

http://ftp.iza.org/pp39.pdf