So the ECB’s agenda is pain. What about our agenda?
UPDATE: Well, that was disappointing. The Guardian says it was moral victory; perhaps we’ll get a Greek perspective here in the next week.
In the meantime, the question has been raised, what do I specifically like about this program? Well, let’s be honest, beside the tone of it — which is wonderful — it’s not everything one might hope for. But it’s a small party in a small country, putting together its program in a short time under extreme conditions. That said, I think the focus on tax reform, and on taxing the rich — including the Church — is important. Unlike Spain or Italy or Ireland, Greece does have a genuine fiscal problem. Resolving that in a progressive way is important. And if it does turn out that GReece leaves the Euro — I won’t guess how likely that is — capital flight is going to be a huge problem. Putting in place the institutions now to capture the wealth of that fraction of the Greek elite that abandons ship strikes me as very worthwhile.