Sunday’s general election in Greece is uniformly portrayed as a defining moment in which the Greek people will have the chance to determine not only the future of their own country, but the course of Europe. But as far as Europe’s ruling elite is concerned, Greece’s fate has already been determined.
Whoever wins the election, the working class will be forced to repay the €200 billion-plus bailout through the austerity measures attached to the Memorandum signed with the troika—the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF). This will inevitably be followed by calls for additional sacrifice, whether or not Greece is allowed to remain in the euro zone.
German chancellor Angela Merkel chose the eve of the Greek election to bluntly declare that “Germany’s resources are not unlimited” and rule out all proposals that Frankfurt foot the bill for euro bonds and ECB debt guarantees. Her statements were directed against France, Britain and the US. But whatever their disagreements, on Greece they are unanimous.
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