Saturday, November 5, 2011

Not the gods themselves oppose necessity

My interpretation of Papandreou's play this week. He has envisioned the Greek endgame by now. The austerity programme will drive his country to civil rupture. It may be already driving. The European Union has made it clear that it will not give up procyclical policies as a precondition for financing (see article 7 of the Euro Summit Statement). Whoever has full paternity of the programme under the eyes of hoi polloi will fall and will be under personal risk. Look around the Mediterranean today and behold the fate of unpopular politicians. The logic play for Papandreou is to share as far as he can the paternity of the laws the programme demands. Either a referendum or a coalition government will serve for that. If he cannot share the responsibility for what the Union demands, it is best for him to be ousted now and he knows that. Every move by Papandreou since the summit last week is logical, under the assumption that he has understood the civil order in Greece is going to fall soon.

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