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# taz.de -- After the Greek referendum: History in the Making
> The outcome of the referendum is clear. Now more than ever it’s up to the
> ECB, alongside the Greek government, to come up with solutions.
Bild: Merkel says no – at least in this street painting in Frankfurt/Main.
This „no“ from the Greeks is sensational. It will write history, although
what will come next remains unclear. What is already clear is that this
„no“ will be received as a provocation by european leaders. It can now only
be hoped that they won’t react hastily and mount a Grexit.
The message from Greek premier Alexis Tsipras was unambiguous – he did not
push for a 'no’ because he wanted to leave the eurozone, but rather because
he hoped that he might thereby force the troika into concession-making.
After all, up until now the „Institutions“ haven’t budged. They submitted
to Tsipras the same austerity targets that they submitted to his
predecessor, Samaras.
It’s been obvious for some time that the troika’s rigid austerity measures
aren’t working, but are instead dragging the country deeper into the
crisis. There clearly is plenty of room for the eurozone to make
concessions without immediately abandoning the course of the reforms,
though.
The eurozone would therefore be well advised to finally show the Greeks
some good will. It wouldn't even be difficult to save face while doing so.
The present austerity targets, amounting to some eight billion euros over
the next two years, could be formally insisted upon, but counterbalanced
with a guarantee of investments of the same sum.
There would be enough worthwhile projects; it is for instance inexplicable
that Greece still imports oil and doesn’t draw on sunlight and wind – both
of which are in bountiful supply – for energy. However, the risk is
enormous that dogmatism will win over rational thinking, and that the
European leaders will have no interest in affording Tsipras some kind of
triumph – preferring instead to orchestrate a Grexit.
From a technical standpoint this would be easy; the European Central Bank
need only further freeze its emergency credit to the Greek banks, or even
demand immediate repayment. Without enough euros to conduct normal
financial transactions, Greece would have to switch promptly to a parallel
currency.
Over time, European leaders consistently insisted that a Grexit would pose
no danger. That was a bald lie. The risks are impossible to predict, and it
would be highly probable that, when the next crisis comes, the next Euro
country would be on the block – simply because the financial markets would
bet on it. That is how world history looks.
Translation: Hans Kellett
6 Jul 2015
## AUTOREN
Ulrike Herrmann
## TAGS
taz-Texte zur Euro-Krise auf Englisch
taz international
taz-Texte zur Euro-Krise auf Englisch
taz-Texte zur Euro-Krise auf Englisch
taz-Texte zur Euro-Krise auf Englisch
taz-Texte zur Euro-Krise auf Englisch
taz-Texte zur Euro-Krise auf Englisch
## ARTIKEL ZUM THEMA
After the Euro Summit in Brussels: Thus fails Europe
Thanks to a loathsome alliance, Merkel and Schäuble have been able to
impose all of Germany’s demands on Greece. The result is a regime of
sanctions and coercion.
Economist about the ECB and Greece: Like setting off a nuclear bomb
The ECB denying Greece emergency loans would be blackmail, writes the
economist Martin Hellwig. A crisis like 1931 could be created.
Grexit and the Eurozone: Destroyed confidence
The monetary system is based on confidence, and that confidence has been
shattered. The end of the monetary union is dawning – even if Greece
remains in the euro.
Angela Merkel and the Greek crisis: Is the Chancellor invulnerable?
Angela Merkel is prepared to push through a third aid package for Athens.
The opposition accuses her of wanting to help the Greek banks, not its
citizens.
Crisis in Greece: Europe’s helpless leftists
Syriza’s politics was a proposal for the system to show good will. This was
both naïve and impassioned.
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