Stathis Kouvelakis, who teaches political theory at King’s College London and serves on the central committee of Syriza, says the leaked “Moscovici document” that the Greek government has agreed to sign defangs it in its struggle against its international creditors.

Kouvelakis writes at Jacobin:

This document rules out “unilateral action,” sets primary surpluses of an undefined volume as a budgetary target, and recognizes the entirety of the debt. All future adjustments made concerning the restructuring of the debt will have to be in line with the Eurogroup’s decisions in November 2012.

Essentially, the implementation of the fundamental measures of Syriza’s Thessaloniki election program is made subject to the prior approval of the lenders, effectively amounting to the program’s annulment. Additionally, it recognizes the odious terms of the lending agreements, thereby further weakening the Greek negotiating position on the matter. It is obvious that by accepting such a framework as a supposedly “honorable compromise,” the Syriza government is having its hands tied.

The request for an extension of the Master Financial Assistance Facility Agreement includes all of the above-mentioned points and adds to those — for the first time — the recognition of “the supervision under the [European Union] and ECB framework and, in the same spirit, with the International Monetary Fund for the duration of the extended Agreement (point f).” In other words, the troika is back but with a different name. The Greek media has already started talking about “the Institutions.”

Read more here.

— Posted by Alexander Reed Kelly.

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