Greeks not sure deal is worth it
The chance of economy shrinking further prompts fear
In survey, Germans sympathetic, but many don’t want to send aid
ATHENS News bulletins Monday that Greece reached a deal on a bailout package with its eurozone creditors prompted outbursts of joy and celebrations. But the euphoria was short-lived when Greeks read the fine print.
The onerous demands for deep budget cuts, hefty tax hikes and even putting virtually the entire country up for sale made many wonder whether the price they will have to pay — and the additional pain they must endure — is worth it.
“If the goal is for Greece to stay in the eurozone, then this is a good deal,” said Giorgios Argitis, an economist with the Levy Institute, a think-tank. “But for those who want their well-being improved or for the economy to grow or to have access to more opportunities, then there is absolutely no reason to be happy.”
Argitis predicted that if the terms are implemented, Greece’s economy would shrink an additional 10% over the next three years after already contracting by 25% since 2008. That notion strikes fear into the hearts of many Greeks.
“A year ago, I was unemployed and forced to look for food in garbage cans,” said Christos Vlassis, 40, who sells fish in Athens’ Varvakios Market. “Now I got this job from a friend, and I can take home about 30 euros ($33) a day, and I can get by on that. But I worry I’ll be unemployed again if the economy takes another hit.”
Angela Nicoli, 35, a coffee bar worker, said she does not understand the motives of Greece’s creditors.
“Nobody says Greece is without blame, but if they want to cripple our economy and humiliate us, it will only make it harder for us to repay what we owe,” she said. “If they help us to get on our feet again, isn’t it best for everyone?”
Many Greeks said they were in the impossible position of wanting to stay in the eurozone while wanting to reject what they see as an unnecessarily harsh deal. That is almost surely unworkable: Creditors said if Greece fails to implement the terms, it would no longer be allowed to use the euro currency.
“If it were up to me, I would reject it, but Tsipras has no choice. He has to push for the deal he signed,” retired navy engineer Stratos Athanasiou, 68, said about Greek Prime Minister Alexis Tsi- pras. “The EU says Greece has broken its trust. OK, but now they force Tsipras to push for something he knows is bad for his country.”
There is a possibility the deal could be rejected by Greece’s Parliament. To cobble together enough support by Wednesday, the once-popular Tsipras may need to reach out to smaller parties outside his ruling coalition. Doing that might lead to a reshuffling of Tsipras’ Cabinet, which could lessen his influence or force him to step down.
The deal is far more severe than the one Greek voters overwhelmingly rejected in a referendum eight days ago, and at least 32 members of Tspiras’ Syriza Party indicated they would not back him.
“There’s no doubt Tsipras has been wounded by the events of the last 10 days,” said Michalis Spourdalakis, dean of the School of Economics and Politics at the University of Athens. “It’s impossible to predict what will happen next. There are many possible options, and none of them are good.”
“It’s impossible to predict what will happen next. There are many possible options, and none of them are good.”
Michalis Spourdalakis,
University of Athens