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Fruits of victory will turn sour; creditors and debtors alike will be punished

Published Mon, Jul 6, 2015 · 09:50 PM

NEVER in the field of economic conflict has so much been owed to so many by so few. The warring over Greece's future has been a debtor versus creditor battle. So far the Greeks seem to be winning. In achieving a decisive 61 per cent-39 per cent "No" vote in Sunday's referendum, Alexis Tsipras, the Greek Prime Minister, has implemented the credo attributed to his forebear Philip of Macedon, father of Alexander the Great: divide et impera.

The failure of the creditor countries, led by Germany and the Netherlands, to recognise a central maxim of guerrilla fighting - the enemy will always surprise - provides a key reason for the Oxi win. If you're outnumbered, practise the unorthodox. Tearing up the rules of Brussels conduct, Mr Tspiras and Yanis Varoufakis, his finance minister-cum-field marshal, have outmanoeuvred and divided the surplus states by constantly re-engaging, over five months, from unexpected, demanding and outrageous battle positions.

The fruits of victory will turn sour. Creditors and debtors alike will be punished. Greece faces a wrenching period of infighting and pain, during which devaluation-stamped banknotes, rationing of high street goods and exchange controls enforced by armed police will be only the least of the ills.

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