Greece met the deadline to offer unto creditors a proposal to address its indebtedness and to secure new credit. The submitted plan, to avert financial implosion in the oldest democracy, contains much of the same terms international bankers had been insisting on and of which Greek voters rejected in referendum last Sunday.
Thus, the u-turn on austerity by the Greek Prime Minister Alexis Tsipras, underscores the shambles of the Greek financial books and Greece's limited choice of a real viable alternative to the austere terms its creditors have been seeking.
Hence, the tenacious audacity shown to austerity by the Greeks in recent weeks, will now humbly and inevitably yield to the realism of a nation's dire indebtedness and the forthcoming harsh social-changing policies.
As reported by the Associated Press(AP) earlier today, the new Greek plan would include pension cuts and tax hikes in exchange for a three-year $60 billion financial support program and some form of debt relief.
In a positive gesture to Greece, French President Francois Hollande described the proposal as "serious and credible", according to the AP; while chairman of the euro zone finance ministers, Jeroen Dijsselbloem, according to the BBC-News, called the proposal "a thorough piece of text."
Social eases to prosperity are good elated ideals wished by many. However, realism, time, indebtedness and prevailing circumstances often throw curves upon lofty hopes. Overtime, with some adaptations - elated ideals could flourish again for Greece and become successful. But today, the Greeks have affirmed that realism trumps idealism in dealing with debt and attempting to gain credit from the world's money managers.