So, let’s imagine you’re a pretty hard left type of government. You’d like a very much more, umm, socialist? communist? socio-economic organisation of the country.
One obvious way to do that is to take control of the banks. At which point you do rather control the economy…..to the extent that any government can control something so chaotic. So, if this is what you really want to do, because you really do think that the overthrow of private capitalism will make the country a better place, then you’d be doing what Syriza have been doing.
Hem and haw, delay, until the banking system is in fact bust. At which point you’ve got to bring back the drachma. And everyone will applaud as you nationalise the banks because, well, you’re the only people who can save the country from not having a financial system at all.
You’ll not get the IMF applauding all of your actions, not at all. But they, and BIS, and everyone else among the Serious People, will agree that you really do have to nationalise those banks in order to recapitalise them.
Yes, I know, very tin foil hat. But are we all absolutely, 100%, certain that this isn’t the actual desired end game? I’m 99.9% certain that it isn’t but…..
If you were of a suspicious mind, you might wonder whether Mr Tsipras has not in fact lured European leaders and officials into a legal trap, and that they have fallen for the bait.
His Byzantine negotiating tactics may make perfect sense after all. Just a thought.