MAJOR GREECE UPDATE

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The Eurogroup presser turned into a neo-Foucault debate about les mots et les choses. The RFKATT (Racket Formerly Known As The Troika) – now known as “institutions” – wants an “extension”; the Greeks want a “bridge”. They are supposed to be the same thing.

But they’re not. Here’s Neo-Foucaultian Chanel Lagarde: “An extension continues an existing program, and a bridge is with a view to what is next.”

The lowdown: first the Greeks need to fold – accept the “program”, which means more austerity in the form of a bailout. No bridge. AFTER that RFKATT would consider some changes. But NOT more money.

All this happened after a Eurogroup draft deal was leaked. The draft outlined the above. The Greeks said “no way”.

So we’re back to the EU playing its same old TINA (there is no alternative) scratchy CD; Greece needs to ask for an extension of the current racket and thus “buy time” and keep negotiating.

And once again this week has been promoted as the final deadline… There will be a new meeting but only if the Greeks fold.

Here’s Varoufakis at his own presser: the Greeks want a four-month loan extension, coupled with “conditionality”; that’s the way to go for a new contract “between two equals”. He added: “The only way to solve Greece is to treat us like equals; not a debt colony.”

Looks like it’s going the “debt colony” way.

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of Oceania Saker.

 

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