the logo of syriza (Photo credit: Wikipedia)

English: Alexis Tsipras in a press conference in Komotini. Ελληνικά: Συνέντευξη Τύπου του Αλέξη Τσίπρα στο ξενοδοχείο Ξενία στα πλαίσια της επίσκεψης του στην Κομοτηνή 13.11.2008 (Photo credit: Wikipedia)

This is an important and detailed article from the WSJ. It’s a recommended read!

via Greece Calls Referendum on Bailout Terms – WSJ.

So finally the creditors said, ‘Take it or leave it!’. For domestic political reasons in Germany and in respect to other bailout countries, austerity is still part of the deal. This is despite widespread criticism from mainstream economists and both left and right wing media around the world. This offer is essentially political, rather than economic. It’s a signal to others to obey the rules.

Meanwhile, the response from Mr. Tsipras, the Prime Minister of Greece and the leader of the hard-left, anti-austerity, Syriza party, is to call…