Greece: Syriza’s Victory
In an open letter to the German people published on 13 January in the business daily Handelsblatt, Tsipras laid out his argument. His complaint, he said, was not that Germany had given Greece too little money when his country was ‘rescued’ after its financial collapse, but that it had given too much; Europe, he said, had acted like a reckless banker who refuses to accept that he made a bad bet on a failing business, and instead of writing the loan off, lets the firm limp on, stagnating, not closing but unable to renew itself because all its profits go to paying debt instead of investment.
.. It is a disingenuous letter.
.. Really what Tsipras seems to be seeking for Greece is something like the Chapter 11 bankruptcy rules that exist in America, where a company can file for protection from creditors, continue to operate, and still borrow money to rebuild.