No! But what now?


Michael Roberts Blog

So Greeks have voted NO by a significant majority in the referendum on the Troika conditions for bailout funds to repay Greek government debt. Given the scare tactics of the EU Commission and the German politicians, the might of Greek pro-capitalist media noise and the closure of the banks making it difficult, if not impossible, to conduct daily business, the majority ‘no vote’ is a huge defeat for the Troika and big capital in Europe; and a victory for the Greek people and European labour.

But, in a way, the result of the Greek referendum does not make any difference to dealing with the problems ahead. Tsipras and Varoufakis say that the vote will now enable them to negotiate a better deal with the Troika for a new bailout package that will, they hope, include some ‘debt relief’.

But that assumes the Troika will be prepared to negotiate at all…

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