Bankers Reject a Greek Bailout Compromise - the depth of Austerity Rests with the Greeks

If it is possible to radicalize a nation per the radicalization of an individual or a group, then the current circumstances in Greece would certainly meet this description. For in Greece, yesterday's rejection by international bankers of a Greek compromise to gain access to financing, could be construed as a scolding and as a punishment for the audacity of the Greeks to holdout for more favorable terms in an agreement to repay debts and to secure new credit.

Hence, the renewed sharpened tone in opposition to the agreement that would be put to the Greek people in referendum on Sunday by Prime Minister Alexis Tsipras, becomes warranted following a rebuff by international bakers of his compromise to solving the crisis. Tsipras in a letter to bankers offered the humbling compromise to accept all, but two, of the terms put forward by financiers to ease Greece's financial crisis. The Prime Minister asked that a sales tax discount to the Greek islands be retained; and that the process to raising the retiring age to 67 be delayed until October instead of taking effect immediately.

That Germany and other bankers said there would be no more negotiations on the Greek matter until after Sunday's referendum, bankers rejected Tsipras' compromise. And in doing so, the bankers have signaled they would let the Greek people decide the matter and this action could be taken as punishment to Tsipras for hastily calling the referendum. Bankers hold the power to accepting the compromise, which could have paved the way for the Greek Parliament to withdraw the pending referendum returning some stability to world economic markets. 

Therefore, it appears as if the socialist Tsipras is being punished for the inexperience of his government and its audacity to hold out for more cushioning terms from austere policies for the Greek people.

Tsipras has re-energized his call for the Greeks to vote "no" on Sunday in light of the most recent rebuff from the international bankers. Whatever conclusion the Greeks make on Sunday, the relationship of the isles to its creditors and the larger European Union(EU) will not be the same after Sunday, yet, not severed completely, but damaged and in need of concerted repair.