There could be no other outcome.
The measures offered to Greece had to belittle their government in such as a way that other radical European parties would be deterred from embarking on such horse play Tsipras and Syriza had subjected the Troika to over the last six months.
The terms of the latest deal will mean years of harsh austerity in Greece in an agreement that many commentators said were designed to cause a voluntary Grexit.
After snubbing previous proposals from its creditors, the ‘last stand’ talks last night had to be incredibly harsh to prevent other Eurozone nations adopting a path that could again question the authority of the Germans and cast a shadow of doubt over their ability to keep the rest of Europe in line.
Spanish Prime Minister Rajoy is likely to lose elections later this year and could be replaced by a radical government that shares the same ideology as Syriza.
Greece’s share of Eurozone is miniscule compared to that of Spain and a similar debacle in the Iberian Peninsula would rock not only the Eurozone, but the global economy.
This would have been at the heart of the decision making process of last night’s talks and it was imperative that Merkel showed that there would be zero tolerance on radial leftist parties trying their luck with major European institutions.
Although they have remained in the Euro for now, it will be of little comfort to the Greek people have years of austerity to look forward to.
