The historic significance of this vote cannot be overstated. Despite the huge external pressure levelled against Greece by the Troika – the ECB, IMF, and the European Commission – with German Chancellor, Angela Merkel, particularly aggressive in demanding the imposition of austerity on a population and society that was already on its knees, the Greeks have delivered a resounding message of defiance via the ballot box.
Regardless of the ultra left voices that have extended themselves in attacking Alexis Tsipras and his Syriza government, at a time when the stakes involved demanded solidarity, they have delivered a masterstroke with this referendum, successfully and magnificently counterposing democracy to the tyranny of global capital. In so doing, they have provided people across Europe with an education in where true power resides.
The demands made by Merkel on the Greek Government have been astoundingly irrational and almost biblical in their cruelty. Greece’s total debt of 317 billion euros is clearly unsustainable and the only realistic and humane solution is its cancellation. Of the 252 billion euros lent to Greece by the Troika since 2010, only 10% has actually reached the Greek people. Most of it has left Greece again in repayments to lenders, mostly European banks, primarily German banks, which lent more money to Greece than any other country during the boom years.
As for what happens now, it is unconscionable that the Troika will not step back from the brink. The notion of an advanced European country being ejected from the eurozone due to indebtedness is hard to conceive. Merkel and the ECB have overplayed their hand and exposed the iniquity of the EU and its role as a servant of neoliberalism and global capital.
But this is for another day. Today belongs to the people and to Syriza. The forces of reaction have been delivered a message of defiance that will resonate across Europe.