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The Greek Swing - a Betrayal of the People or an Economy of Reality?

There must be a number of confused people across Greece today. And unless the new Greek about-face proposal to stabilize its indebtedness and to secure new credit, is accepted by its creditors, then provides immediate cash relief to the Greeks, Prime Minister Alexis Tsipras could face an enormous political backlash at home.

Not to mention the financial fiasco Greece has experienced in the past five years, the Greeks entered 2015 by electing a new anti-austerity prime minister and government. Facing the possibility of more dictated austere terms for new loans, the Greek electorate reaffirmed their faith in the anti-austerity prime minister and government in referendum last Sunday -  delivering a mandate to non-austerity policies, and a willingness to chart unproven waters in the current financial crisis. 

But despite an affirmation from the people to fight austerity, the prime minister made a u-turn on austerity - accepting most of the said austere terms he had opposed. Prime Minister Tsipras' swing has now been approved by the Greek Parliament, which voted 251-32, to support the new austere proposal seeking desperately needed cash and credit. 

Greece has offered pension cuts and tax hikes as sweeteners to gaining $59.47 billion to cover debts until 2018, and this sum could increase as it also negotiates a restructuring of some of its debt. Creditors have viewed the new proposal "...as a basis for negotiation."

Describing his new stance, Prime Minister Tsipras, according to the BBC-News, has explained: "It is choice of high national responsibility, we have a national duty to keep our people alive...we will succeed not only to stay in Europe but to live as equal peers with dignity and pride."

Prime Minister Tsipras has sought within his constraints to cushion his Greek people as much as possible from inevitable forthcoming belt-tightening policies. He hasn't betrayed the Greeks. The frightening reality of Greece's indebtedness and the poor state of its financial books, have forced Tsipras to make decisions he never conceived back in January. 

Inexperienced  and confronted by such gargantuan financial troubles, Prime Minister Tsipras panicked, feared making an austerity call alone, called a snapped referendum, hoped to have received concessions from creditors, but in the end and painfully, he has accepted the defeat of idealism by realism.

Hence, the Greek saga; and should creditors not accept Greece's new self-imposed austere proposal, enormous troubles will await Prime Minister Alexis Tsipras in Athens and throughout the isles of Greece.