Greece is being starved to death by a lack of capital. End the starvation, and the economy will turn around very quickly. In this case, starvation is the NPLs. The non-performing loans are strangling the Greek economy.
Unless these frightening measures are eased, a social upheaval, triggered by exponential rises in unemployment, will continue undermining for the foreseeable future the entire spectrum of human rights in Greece.
The case of Greece is worth standing for: due to its geopolitical burden in troubled times but also due to the fact that Greece belongs to the same community of countries sharing the values of democracy, liberty, social justice.
Syriza remains almost as popular, despite a confusing message. Is Syriza in favor of the agreement with the EU? They say, "Yes," but they recommended a "No" vote in the referendum. They seem to be doing very little to comply with the EU agreement.
Athens is eerily quiet. The restaurants are half-full. If it were not for a few lingering tourists, the restaurants would be empty. Even the Nike store in Kolonaki closed in the last two weeks (in the interest of full disclosure the store was not owed by Nike, it was operated by Folli Follie).
Perhaps the worst news for the Greeks is that the Germans have gone "radio silent." When the Germans were beating up the Greeks daily in the press, the Greeks were getting sympathy ... no more. Greece is on its own.
Deliverance or calamity, recession-oriented or development-oriented, the "best possible agreement," or the "worst of them all," the new agreement between Athens and its creditors still has an uncertain fate and even more uncertain consequences.
It is impossible for Greek businesses to get credit outside of Greece. The amount of money that may leave the country to buy essential goods and services is severely limited. It will be no surprise when GDP shrinks in the third quarter and when unemployment spikes.
The EU must and can settle internal deficits and surpluses, as long as these remain within the euro zone. Therefore, a better integration of economic and fiscal policies and a significant increase in economic transfers within the euro zone are needed.
ATHENS -- The plan is politically toxic because the fund, though domiciled in Greece, will effectively be managed by the troika. It did not have to be this way. At a turning point in European history, our innovative alternative was thrown into the dustbin.