The Greek government released the following non-paper earlier today. After the warning shot towards the dissenters of the Left Platform, this time Prime Minister Tsipras uses even harsher words to slam on those MPs that still consider dissenting in tomorrow’s parliamentary vote involving the next set of prior actions.
Tsipras goes as far as warning SYRIZA MPs that “they should not hide behind the security of [his] own signature.” It is definitely an important non-paper, and it creates an even stronger indication that the PM is more than ready to clash with the radical parts of his coalition if they continue opposing him and the agreement [perhaps some stronger actions to be expected, other than merely changing the formation of his cabinet].
You can find the original version of the non-paper here. Below, you can find my own translation.
Here are the top articles on the political economy of Greece to read today:
- Greece: The gathering storm, by Nick Malkoutzis | Macropolis.gr, Mar 5 2015
- Eurozone QE is here. What could possibly go wrong?, by Alen Mattich | The Wall Street Journal (Moneybeat), Mar 5 2015
- Greece Struggles to Make Debt Math Work in Bailout Standoff, by Nikolaos Chrysoloras, Rebecca Christie and Vassilis Karamanis | Bloomberg, Mar 5 2015
- Greece outlines radical immigration reforms, by Preethi Nallu | Al Jazeera, Mar 5 2015
- 5 questions ECB boss Draghi will face at Thursday’s meeting, by Sara Sjolin | MarketWatch, Mar 5 2015
- Spain insists Greece will need a third bailout – as it happened, by Angela Monaghan | The Guardian, Mar 4 2015
- Germany says third Greek aid package not on Eurogroup agenda, by Andreas Rinke and Madeline Chambers | Reuters, Mar 4 2015
- Can Greece avoid going bankrupt this month?, by Mehreen Khan | The Telegraph, Mar 4 2015
- Greece’s survival depends on more than debt agreements, by Peter Foster | Financial Post, Mar 3 2015
- Austerity is not Greece’s problem, by Ricardo Hausmann | Project Syndicate, Mar 3 2015
- Syriza’s about-face, by Stathis N. Kalyvas | Foreign Affairs, Mar 2 2015
Photo: Ilias Makris (Kathimerini, 01/03/2015)
While Friday’s Eurogroup storm seems to have passed, today is an equally (if not more) important date for the fate of Greece. Yanis Varoufakis, the Greek Minister of Finance, is expected to send a list of proposed reforms to TIFKAT (The ‘Institutions’ Formerly Known As Troika) for approval. Analysts, markets, and entire governments might have sighed in relief on Friday, but it is today actually that will illuminate whether a substantial compromise has been reached in the last Eurogroup meeting.
There is not much to say at this point, other than to wait and see what Varoufakis has planned. The list of reforms is expected to be quite short (no longer than 3-5 pages) and concise. Hopefully, it will also include meaningful proposals that speak more of a “compromise,” rather than the hardcore Left platform of Syriza or ANEL. “Wait, what?,” you may ask. “Who cares about those hardcore Lefties and the few ultra-nationalist crazies of ANEL? They are a fringe part anyways, right? And they wouldn’t jeopardize their ascent to power so soon, would they? As long as the moderate part of Syriza is willing to compromise, then there is no problem!” Well… I would love to share your optimism, but I am quite wary of the influence of the anti-austerity and anti-reform hardliners. I am also quite confident that we will witness some important schisms in the next couple of weeks – iff (if and only if) Varoufakis and Tsipras are true to Friday’s deal. Some senior Syriza officials and important figures of the Left have already begun speaking up (Manolis Glezos, John Milios, Sofia Sakorafa, and even Mikis Theodorakis). I suspect that more voices will soon follow in tune. Will that be enough to bring the government down? This is extremely early to say. But don’t be surprised if the inter-governmental dynamics change drastically in the upcoming weeks.
In any case, happy Lent Monday everybody! Here is the list of the top articles to read on the political economy of Greece today:
- Greece: Four more months of hope and risks, by Frederik Ducrozet | Credit Agricole CIB, Feb 23 2015
- Greek bailout: Athens submits economic reform plan today (Live updates), by Graeme Wearden | The Guardian, Feb 23 2015
- Tsipras tamed as economists declare Greece loses austerity fight, by Simon Kennedy & Jennifer Ryan | Bloomberg, Feb 23 2015
- Greece scrambles to send draft reforms to EU institutions, by Peter Spiegel & Kerin Hope | The Financial Times, Feb 23 2015
- In defence of can-kicking, by Duncan Weldon | Medium, Feb 23 2015
- A hard week ahead for Greece after a last-minute deal, by Max Ehrenfreund | The Washington Post, Feb 23 2015
- Greece’s future is its past, by Rebecca Harding | Pieria, Feb 23 2015
- Greece: A debt colony with a bit of “home rule”, by Paul Mason | Channel4 News, Feb 23 2015
- Varoufakis ‘absolutely certain’ Greek reforms will meet approval | Deutsche Welle, Feb 22 2015
- Spain said to lead EU push to force terms on Greece, by Nikolaos Chrysoloras & Karl Stagno Navarra | Bloomberg, Feb 22 2015
- Ten days that shook the euro; how Greece came to the brink, by Alastair MacDonald & Jan Strupczewski | Reuters, Feb 22 2015
- Greece readies reform promises, by George Georgiopoulos | Reuters, Feb 22 2015
Photo Credits: Ilias Makris (Kathimerini, 22.02.2015)
The Greek government is called to make some major decisions in terms of its economic program in the next few weeks. There is very little time available to Alexis Tsipras’s coalition, not much leeway, and yet too much to do. Although both the Greek Prime Minister and his Finance Minister, Yanis Varoufakis, have softened their tone with their international counterparts, the negotiations are far from over yet. The month of February will be decisive for the future of the Greek economy, but also for the longevity of Tsipras’s shaky coalition. Whoever thought that the most difficult times are past us is in for a newsflash. February will not be a sprint, but a marathon.
Here are the top articles you need to read today on the Greek political economy:
- “I’m the finance minister of a bankrupt country”, Interview with Greece’s Finance Minister Yanis Varoufakis| Zeit Online, Feb 4 2015
- Greece has started debt-swap talks with IMF, minister tells paper | Reuters, Feb 4 2015
- Greece leaders hold key talks with ECB and EU chiefs | BBC News, Feb 4 2015
- It’s not just Greece and Spain that need their debt restructuring, by Jonathan Glennie | The Guardian, Feb 4 2015
- Greece is facing three massive tests of its debt plans today, by Mike Bird | Business Insider, Feb 4 2015
- Crunch time: Greece takes pleas to a hostile Europe, by Holly Ellyatt | CNBC, Feb 4 2015
- Not so strange bedfellows: making sense of the coalition between Syriza and the Independent Greeks, by Takis Pappas | Open Democracy, Feb 3 2015
- For Greece, GDP-linked debt may be more curiosity than cure, by Greg Ip | The Wall Street Journal (Real Time Economics Blog), Feb 3 2015
- Eurozone Should Give Greek Leader Some Time to Reach Compromise, by Hugo Dixon | The New York Times, Feb 3 2015
- Spain keeps hawkish eye on Greece as southern solidarity crumbles, by Tobias Buck | The Financial Times, Feb 3 2015
- Tsipras’ Greek balancing act begins, by Harris Mylonas and Akis Georgakellos | The Washington Post, Feb 3 2015
- A Greek Morality Tale, by Nobel Prize Winner Joseph E. Stiglitz | Project Syndicate, Feb 3 2015
- Greece’s rock-star finance minister Yanis Varoufakis defies ECB’s drachma threats, by Ambrose Evans-Pritchard | The Telegraph, Feb 3 2015
- Five questions about the ECB’s complicated relationship with Greece, by Brian Blackstone | The Wall Street Journal, Feb 2 2015