"Every time something really bad happens, people cry out for safety, and the government answers by taking rights away from good people." - Penn Jillette.
I say give Greece to Russia.
⚧ C.T.L.W. You figure it out
Here is what Summers had to say. Noting what all needed to do.
The consequences of Greece’s impending breakdown.....
When, as now appears likely, Greece financially separates from Europe, it will at one level be no one’s fault. The Greek leaders will rightly explain that having imposed more austerity on themselves than any industrial country has suffered since the Depression, they could not do more without light at the end of tunnel in the form of a clear commitment to debt relief. European leaders will rightly explain that they adjusted their positions repeatedly to accommodate the Greeks. They will stress that their publics would not permit Greece to play by different rules than the rest of Europe. And the International Monetary Fund will rightly explain that it would have blessed any plan agreed to by Greece and Europe that added up.
The trouble is that all the parties will get much more of what they fear from a breakdown than they would from something they regard as an unacceptable compromise. Historians understand how World War I was allowed to start but still, a century later, are incredulous that it happened. So, too, financial historians may look back at the next week and wonder how Europe’s financial unraveling was permitted.....snip~
The consequences of Greece
If Russia wants to pay for Greek pensions, let them.
The solution to the problem with Greece is similar to that of Detroit, and various other US cities in that, unlike Detroit, Greece is a sovereign nation, and cannot have some EU (overseer) come in and take total control of their reorganization. Detroit on the other hand is actually starting to do much better. If Greece would allow an EU overseer to come in and literally take control, it would relieve the political ruling class of all fiscally relevant powers, and would institute the painful measures that really need to happen. Would the political party survive? Probably not, but isn't the goal of anyone, political or otherwise, ultimately to save their nation? (Rhetorical question I know)
Truth is, that this is what is needed. If Tsipras agreed (not likely) what it would do is instill confidence, and nations in the EU and or anywhere would find that Greece, with a new controlled reorganization plan out of the hands of the political elite would be possibly viable. It would stave off default, and total collapse, and at the same time still leave the governing part of Greece (fiscal matters notwithstanding) to the controlling party. Greeks have no way out. The time of feeding from the government teet are over. 10 year plan, lower taxes, interest rates, invite new business, raise pension retirement ages significantly, offer early retirements in the form of lump sums, albeit at much reduced payouts, and begin rebuilding. Offer new start up business a special incentive, and lower the burden and regulatory meaures on existing business.
There's no other way out of this. Even with the OP, if it were ever come to pass, would not solve then problem, it would only push it down the road a bit. My plan actually solves the problem, not necessarily for this generation, but certainly for the next. This generation (the ones that caused the problem) will have to suck it up.
“When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
“Socialism is great until you run out of someone elses money” Margaret Thatcher
It increasingly appears that the Greek Prime Minister, confronted by the dangers of default, yielded. Earlier, it was reported that terms included changes in the retirement age and some modest tax hikes. That the Greek Prime Minister yielded seems to be suggested by the angry reaction from some of Greece's politicians.
Greek offer to creditors stirs angry backlash at home | ReutersGreek lawmakers reacted angrily on Tuesday to concessions Athens offered in debt talks and parliament's deputy speaker warned the proposals might be rejected, puncturing optimism that a deal to pull Greece back from the abyss might be sealed quickly.
Euro zone leaders welcomed new budget proposals from Athens on Monday as a basis for further negotiations to unlock billions of euros in frozen aid and avert a default that could trigger a Greek exit from the single currency area.
Should a deal be reached, the big question concerns whether pragmatic Greek political leaders will have the votes necessary to approve the agreement. The radical wing very likely will resist, even if it means default. The radical group likely places hard-core ideology ahead of structural reform, even if the consequences of their embrace of ideology would lead to severe economic and financial turmoil within Greece. For them, such a catastrophic price would perhaps be well worth it, if it meant the status quo were smashed. That the Greek people, especially lower- and middle-class sectors would bear the brunt of the suffering would matter little to the radicals.
It is highly unlikely that Greece's people would support such an outcome. Therefore, I believe the kind of reasonable agreement that now seems within reach would be approved, though the vote might be fairly close as the radicals may comprise about a third of Greece's Parliament and they will loudly advocate a narrative that ignores or distorts the benefits of the agreement.