How Germany defeated Syriza — and reasserted its hegemony over the eurozone

Greece has capitulated utterly to eurozone elites, revealing the corrupt essence of the currency union

An EU flag flutters in front of the Greek parliament
(Image credit: Milos Bicanski/Getty Images)

It looks like a deal between Greece and eurozone elites has finally been reached — and it is a horrendous one. Greece's Syriza government has utterly capitulated, agreeing to a tremendous new austerity package with no debt restructuring whatsoever; huge cuts to pensions and worker protections ("labor liberalization"); and selling off €50 billion in unspecified government assets to pay off debt.

The deal doesn't even guarantee funding — only after these conditions are met can a new loan package be negotiated. The Financial Times calls it "the most intrusive economic supervision program ever mounted in the EU. "

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Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.