Galery

1

However, if push comes to shove and the dilemma is "a third memorandum or Grexit", the response of a government of public salvation could not be "a third memorandum." And it is not because the country's exit from the euro zone would be the royal path to prosperity, as some naively believe, just to the contrary, Grexit would mean a decline in GDP and it would lead to restrictive policies. Nor because, in political terms, this government would not be able to implement policies of the memorandum; the bet is now much more important than any party interests are.

There are two main reasons that should lead to the really painful decision to leave the euro zone if things really went that far. One is that regardless of the measures that the government would have to take under the memorandum, they would not be the last nor would they pave the way for economic recovery. To the contrary, complying with the restrictions of the memorandum on the one hand would ensure the continued imposition of new measures when the (unattainable) targets of the programme had not been achieved and on the other, it would intensify economic stagnation (through recession or very slow growth rates), as it does not provide policies to restart the economy. Greece's exit from the euro zone would be very painful (and rightfully it has not been the choice of SYRIZA) but in the long term, it might open perspectives that do not exist under the memorandum.

However, the main reason why the third memorandum cannot be the choice of the government if things go that far (through the fault of Europeans) is not purely economic. The third memorandum would mean an unprecedented humiliation of the Greek people, especially at a time when the elections have brought a whiff of hope and progress. Humiliated people could not have political dignity in Europe nor would they be able to be economically productive - psyche is an essential element of economic activity. A humiliated nation would sink into apathy and cynicism, and would potentially turn to the fascist forces of darkness. Simultaneously, the degradation of the Greek people would bury the left-winged hope in Europe.

So, if things go that far, requiring choosing between two painful options, the lesser evil has to be preferred, i.e. the one that does not exclude the smallest ray of light."