As if the audacity of the Greek Prime Minister to go against the expressed vote of his people and to throw the nation into the austere pockets of creditors was not enough, the Eurogroup in failing thus far to grant a deal to Greece, appears to be demanding the soul of Greece through more concessions, in order to rebuild trust and credibility with the financially-drowning Greek government as a means to easing the Greek financial crisis.
Talks described as "very difficult" between Greece and the Eurogroup (the grouping of 19 countries that share the Euro currency) have been extended prompting a rare cancellation of a broader European Union(EU) summit, which was slated for today, to discuss possible implications from a Greek deal or to manage the fallout from a failed deal and a possible Greek exit from the euro zone, the BBC-News reported.
"The conditionality presented by the Greeks is simply not enough," quipped Finland's finance minister, Alexander Stubb. Though hopeful of a deal, he categorized the potential of reaching a deal as "somewhere between three and four" on a scale between one and ten, according to the BBC-News.
Joroen Dijsselbloem, the Eurogroup head, described the talks with Greece as "very difficult." He admitted that "...the issue of credibility and trust was discussed" and that the group would continue to meet until talks on Greece were concluded.
However, talks have reached a point where the Eurogroup appears suspect of Greece's credibility and trust.
Greek Prime Minister Alexis Tsipras went against the "no" referendum of his people and in an attempt to appease creditors, he proposed: increasing taxes on shipping companies; unifying a 23 percent sales tax to include restaurants and catering services; phasing out the solidarity grant for pensioners by 2019; a $332 million defense spending cut by 2016; privatization of ports and selling-off the remaining shares in the telecom giant company; and removing a 30 percent tax break for the wealthiest Greek islands.
In going against the expressed mandate of his people, Tsipras threw everything including the 'kitchen sink' and his socialist ideals into the humbling proposal to creditors.
However, the Eurogroup demands more from Greece before a deal could be reached, including immediate Greek legislation on Monday to reform taxation, pensions and administration. No write down of debt has been offered.
Hence, the Eurogroup appears to be punishing Greece's prior stubborn stance against austerity, these demands from creditors could amount to more humiliation of the Greek people.
"What is at play here is an attempt to humiliate Greece and Greeks, or to overthrown the Tsipras government," concluded European Parliament vice president, Dimitrios Papadimoulis, also a member of Greece's ruling Syriza party.
Therefore, to save any further humiliation, Greece has the option to walk from the euro zone instead of facing ridicule and humiliating expulsion. Deal or no deal between Greece and the euro zone, the house of the Greeks will never be the same again, and regarding trust between the parties - it has been severely damaged, and whether or not it is repairable rests squarely upon the decision of the euro zone.