Tsipras’ Bailout Deal Costly: 86.5% of Greeks Disappointed

ATHENS – After reaching a deal with international lenders that will bring more austerity measures, Greek Prime Minister Alexis Tsipras’ handling of the problem found 86.5 percent of Greeks disapprove of what he did.

That was the result of a survey taken by Macedonia University on May 27 which also found 41 percent would like snap elections being demanded by New Democracy Conservative leader Kyriakos Mitsotakis, who has taken his party to a big lead in polls.

Having surrendered to the Quartet of the European Union-International Monetary Fund-European Central Bank-European Stability Mechanism (EU-IMF-ECB-ESM) which put up 86 billion euros ($95.59 billion) in a third bailout, Tsipras now will likely turn to shaking up his Cabinet, Kathimerini reported.

That comes at the same time his coalition government of his Radical Left SYRIZA and its partner, the pro-austerity, far-right, nationalist Independent Greeks (ANEL) is scrambling to wrap up the details of the deal.

Tsipras is hustling to let banks go after Greeks who can’t pay their loans, credit cards or mortgages because of big pay cuts, tax hikes, slashed pensions and worker firings he opposed while out of office and implemented when he got in.

He’s also agreed to cutting the EKAS benefits given to the lowest-income pensioners, the people he swore to protect.

Competing the reforms in this round will lead to the release of some 7.5 billion euros ($8.34 billion) in more monies from the third rescue package, almost all of which will go back to the same people who lent it without benefiting Greek society.

Successive governments since the first of the bailouts began six years ago have embarked on a policy of borrowing to pay previous loans without effectively implementing structural reforms or the growth they admitted was need to create a recovery.

While raising taxes on almost everything, Tsipras hopes now to pass some other measures trying to lure back investors scared off when a previous government cut the value of Greek bonds 74 percent and didn’t provide incentives.

His government so far has twice abandoned promises to protect the most vulnerable in society and has taken almost only measures demanded by the creditors.