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A Humbling Greek Compromise

Greece has offered a compromise to creditors on debt negotiations in an effort to return the oldest democracy to some degree of normalcy, to gain access to funding and to calm the nerves of average Greeks and of elderly pensioners - some of whom have been unable to collect their monthly pensions.

After failing to make a payment of $1.8 billion due yesterday to the International Monetary Fund(IMF), Greece reopened some banks to accommodate pensioners not having banking cards. According to reports by the Associated Press(AP), many pensioners had queued at banks before dawn today only to be told to return the next day because some pensions had not been deposited.

In light of the austere reality of the deepening financial crisis facing Athens, the BBC-News reported today, that the Financial Times had obtained a letter from Greek Prime Minister Alexis Tsipras to creditors, confirming that the socialist government was prepared to accept most of the terms offered before debt talks broke down last weekend.

The BBC-News noted that Prime Minister Tsipras asked for two changes to the plan - that a discount sales tax to the Greek islands be retained; and that the process to raising the retirement age to 67, starts in October and not immediately.

However, whether or not the Greek compromise is accepted is left to be seen since Germany, earlier claimed that no further negotiations would take place until after Sunday's referendum. But the new Greek compromise, if accepted by creditors, could force a cancellation of Sunday's vote by the Greek legislature.

Thus, there is hope to returning a measurable amount of stability to Greece. Yet, whatever the final outcome, the Greek socialist government has certainly gained an education in modern macroeconomics.