Tsipras Betrays Referendum, Sells Out to the Banks

‘Greek Prime Minister Alexis Tsipras has proposed eleventh hour concessions to European central banks despite the overwhelming rejection of an austerity deal by the Greek people.

He told Syriza lawmakers they must back reforms and keep the country in the euro. “We are confronted with crucial decisions,” he said during a party meeting, according to officials. “We got a mandate to bring a better deal than the ultimatum that the Eurogroup gave us, but certainly not given a mandate to take Greece out of the eurozone,” he added. The “cap-in-hand capitulation” proposal offered by Tsipras is strikingly similar to the harsh austerity measures rejected on July 5 by 61 percent of voters.

In addition to heavy VAT or value added taxation, the plan calls for “strong disincentives to early retirement, incur penalties for early withdrawals, make all supplementary pension funds financed by own contributions” and other measures. Zero Hedge noted on Thursday “the truth is that while making some concessions, the Greek proposal may still be insufficient for Merkel, and certainly won’t be sufficient for the IMF due to the lack of real pension cuts.”’

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