Eurozone crisis is back

Greece headed toward a dangerous confrontation with Germany 


Athens, Greece is headed toward a dangerous confrontation with Germany and other European powers which could mean the country stumbling out of the euro.

Greece’s new leader  Prime Minister Alexis Tsipras moved quickly to reverse the Austerity reforms. Syriza keeps its election promise of ending the Austerity measures imposed on Greece. EU, ECB & IMF gave a €240 billion bailout program to Greece during the bailout period of 2010- 2014

Within hours of taking office, government officials announced that they would stop the planned sale of the state’s majority stake in Greece’s largest port and dominant utility. They further pledged to rehire thousands of public-sector workers and reopen the country’s state broadcaster, which had been shut down by the previous government.

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“We are not going to continue the politics of subjugation,” Mr. Tsipras said at his first cabinet meeting. “We are coming to radically change the way that policies and the administration are conducted in this country.”

Many believed that such talk was campaign-talk and that Mr. Tsipras would change tack once in office So far, there has been no sign he will.

Greece’s new finance minister, Yanis Varoufakis, a strident bailout critic, warned that negotiations with the creditors “will not be easy.”

Europe has shown no indication that it is even willing to begin talks. “The real economy hasn’t changed after the elections. The situation is still the same,” said Jyrki Katainen, a former Finnish prime minister who is now vice president for jobs and growth at the EU’s executive arm in Brussels. “I don’t expect that many changes from our part.” For Germany and other northern countries, the issue of Greece’s debt is a long-closed chapter. They insist Greece fulfill its obligations and say they have already done enough.

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