Capitulation Not Enough, EU and Germany, Demand Privatization of "Very Valuable Greek Assets"

Tsipras on his way to the principle's office...note in hand

The EU has given Greece a "choice": hand over sovereignty to Germany/EU or undergo a 5 year Grexit "time out", which is a polite euphemism for get the hell out. Greece has 24 hrs to accept a new, even more draconian, list of demands  Under the proposal, the only way Germany would let Greece stay in the euro now is if it puts in escrow 50 billion euros of "very valuable Greek assets," allows international observers to monitor its bailout, and puts automatic spending cuts in place in case it misses its deficit targets.

"What is at play here is an attempt to humiliate Greece and Greeks..." says Dimitrios Papadimoulis, vice-president of the European Parliament and Syriza Party member, That is especially true amid charges that Germany now is trying to debase the Greeks, lording over them the threat of forced sell-offs of monuments, even islands.

Were the forced sale of Greece's monuments, islands and its electrical grid to proceed the Germans would have accomplished with odious debt and bankerster criminality what they couldn't with their Panzers 70 years ago.

Tsipras has flip flopped so many times it's become impossible to tell what will happen next. Some, like Raúl Ilargi Meijer at The Automatic Earth, think/hope/pray that "Tsipras has set the perfect trap for the other side of the table. He’s driving them apart, setting them off against each other, putting them into incompatible positions, and making the positions of quite a few of them untenable." And in so doing has accomplished his goal of finding a door out of the Euro and Eurozone trap without anybody blaming him for it happening. Sure hope he's right and Greece uses this door to run like hell propping it open for all the other countries who too have been indentured by the Eurozone trap of debt slavery.

James Galbraith, economics professor at the University of Texas summarized Tsipras dilemma just before his capitulation well, saying: "The crux of the situation is that the only real political or economic leverage Greece has ever had against the European Commission, the IMF, and the ECB is the threat to leave the eurozone—but that this leverage is actually quite weak, because the political consensus within Greece, and the stated position of the Syriza government throughout the negotiations, has been to stay with the single currency."

Greece has friends who will help them just as Argentina and Iceland had, but the Greeks have to run out that door first. No country can step in with help, especially in the face NATO and US warnings about the geopolitical implications, until then. Russia has already reached out, BRICS and China have too.

The Argentine success story has important implications for Greece and its southern European cousins. The Argentine economy has grown 94 percent for the years 2002-2011, using International Monetary Fund projections for the end of this year. This is the fastest growth in the Western Hemisphere for this period, and among the highest growth rates in the world. This despite the amrageddon like predictions that the Bankers and Billionaire's Club issued non-stop at the time.