Vernichtungsschlacht

Well, the Greek bailout is being described by many and is trending on social media as a coup (♯ThisIsACoup), but I'm not sure if even that goes far enough. Krugman's initial comment on the deal, that 'this goes beyond harsh into pure vindictiveness, complete destruction of national sovereignty, and no hope of relief', seems to capture the direction of my own thinking. I accept that the Greek "choice" has often looked like one between 'starvation and slavery' as events have intensified over the last few weeks. But this now looks like a decisive victory for the Troika and Eurozone-instantiated monsters of finance and neoliberalisation, an economic vernichtungsschlacht. Time to revisit Graeber and the moralisation of debt.