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Fontaine, Juan Andrés

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El Mercurio - Republic of Chile | 12/07/2015

Greek crisis: Athens must swallow bitter pill

As was the case with Chile, the Greeks have no alternative but to pursue a rigorous austerity policy, the conservative Chilean daily El Mercurio writes: "Like in the classic tragedies of Sophocles, Greece is fighting against the tragic destiny the gods have decreed. Chained to the euro and without the option of devaluation, plunged into a recession, abandoned by the investors and a destroyed bank system, it is condemned to swallow the bitter pill of spending cuts and tax hikes. The voters' rebellion is understandable but useless. Whether it breaks up with its patient creditors or not, whether it leaves the euro or not, the welfare state will collapse; social rights don't apply when there's no money left."

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