The Eurozone’s Pyrrhic victory over Greece

Click here to access article by Jerome Roos from Reflections on a Revolution. 

The Eurozone has imposed a Carthaginian peace upon the Greeks, but the lessons of King Pyrrhus loom large: one more such victory would utterly undo it.

Mark Twain is credited with the observation that "History doesn't repeat itself, but it does rhyme." The recent victory of the Eurozone over Greece suggests the truth of this aphorism which refers to the victory of King Pyrrhus over the Romans. Or, at least, Roos thinks so and explains why.

While Tsipras’ demise will be welcomed by the hardliners inside the creditor camp, the truth is that the Eurozone has shortsightedly set itself up for a fall. What makes the third bailout different is that, after Tsipras, there will be no one left inside Greece to credibly manage the memorandum. With the centrist and right-wing opposition in complete disarray, the leftists were quite literally the last hope for political stability and reform. Now, with SYRIZA on the verge of a split and Tsipras bound to suffer growing popular opposition and the withdrawal of grassroots support, it is not clear what pro-EU partner can step into the void and act as the creditors’ mouthpiece inside their newly acquired debt colony.

In short, the third bailout agreement destroyed everything and resolved nothing.