The Syriza government of Greece has concluded a deal with the European Union, five days after a referendum in the country overwhelmingly voted to reject the terms of the last deal demanded by the financial powers. The new deal -- which the EU had said would not be made -- enacts the substantial will of the people, pushing the emphasis for increased revenue onto tax gathering, rather than cuts to services, especially pensions. However, there is some phasing out of certain pension payments and a raise of the retirement age. The deal also includes a haircut for the creditors, though this will be disguised by extension of yield terms and changes to debt-servicing conditions -- to allow northern politicians to conceal it from their voters.
Rundle: the real reason we’re afraid of a Greek default (hint: it’s not about Greece)
What would happen if we in the West realised how imaginary and counter-productive vast debt levels are?