A quick roundup of today’s events:
Maverick finance minister Yanis Varoufakis resigns (to the relief of many in Europe). His place is taken by Euclid Tsakalotos, an Oxford-educated economist.
All party chiefs meet to prepare a ‘new’ proposal, which they will co-sign before submitting it for negotiation in Brussels.
The package under discussion is similar to the one proposed by Mr. Junker.[Statement from Washington: The referendum happened, and the situation remains the same.]
The question is: If we’re to go back to the same point we were at before the referendum, why was all this necessary, only with Greece now in a weaker position, with the previous program having expired, and a full-blown bank crisis going on?
Was it just a complicated piece of political maneuvering?
The government is trying to distil an air of optimism and presents an agreement as a foregone conclusion, to the contrary of the messages coming in from Europe, where the consensus seems to be dissatisfaction with the referendum result.
Tomorrow, the Eurogroup meets. Will the Greek team bring back an agreement? It appears difficult, and the terms will most probably be worse than before. And if they don’t succeed, what then?