Greek agony drags on as Asphyxiation Bloc wins

The hard-Left Syriza party of Alexis Tsipras is arguably more dangerous in opposition, now fortified with big bloc of seats in Parliament. He can lacerate the government without responsibility as the state sheds 150,000 public sector workers, a fifth of the total.

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Year after year of "internal devaluation" will drive unemployment to catastrophic levels before it breaks the back of the labour movement sufficiently to clear the way for drastic pay cuts. It is basically a Fascist policy. Mussolini pulled it of in 1928 under the Lira Forte policy, but he had coercive advantages.

The electoral settlement is not decisive enough to lance the boil either way so there will no recovery of investment or hope of return to normal life. Even big companies have lost access to routine trade credit. The pro-Memorandum chorus say Greece would face chaos if it left the euro. What do they think it is now?