So Greece finally accepts reality

The Guardian reports:

The Greek government capitulated on Thursday to demands from its creditors for severe austerity measures in return for a modest debt write-off, raising hopes that a rescue deal could be signed at an emergency meeting of EU leaders on Sunday.

Athens is understood to have put forward a package of reforms and public spending cuts worth €13bn (£9.3bn) to secure a third bailout from creditors that could raise $50bn and allow it to stay inside the currency union.

A cabinet meeting signed off the reform package after ministers agreed that the dire state of the economy and the debilitating closure of the country’s banks meant it had no option but to agree to almost all the creditors terms.

So the Marxist Government calls a referendum, urges people to vote No, gets a No vote, and then does the exact opposite.

Power over principles.

It will be painful in the short term, but Greece will be better with its own currency that can reflect its actual economic value.