Aye, the Splendor that was Greece...now an Imminent Austere Transformation
Greek history is rich of grandeur and splendor; of democracy and of the rights of man; of market places and of the arts.
But the future of Greece remains uncertain and cloudy today, as austerity issues - brought to wrought by high debt, and non-traditional Greek terms, demand that the old democracy decides between modern economic models of debt service and the lending practices of international institutions, or on an untested theoretical model preferred by the Greeks toward continuity of their cultural, political and social norms over the reality of modern macroeconomics.
Months of negotiations between Greece and its creditors have failed to render a mutually agreed upon mode to solve Greece's debt crisis. As a result, Prime Minister Alexis Tsipras, who came to power on an anti-austerity platform, has decided to offer a referendum to the Greek people to accept or to reject Thursday's proposal by creditors on the reforms needed to secure Greece more money. That referendum is scheduled for next week. And it would come after a deadline for Greece to pay billions to the International Monetary Fund(IMF).
At stake for Greece is the likelihood of defaulting on payments and being forced out of the euro zone(the monetary component of the European Union). Or, an unprecedented untested reconstruction of the Greek economic formula outside of the euro zone.
Ultimately, the issues and the decisions to the future of Greece, will be in the hands of the Greeks and they will decide the path of the historic trend-setting old democracy.