Greek debt accord hostage to political passions

By Ambrose Evans-Pritchard

Greek elections in April are likely to sweep away the political class tainted by the hated "Memorandum" of the EU-IMF Troika, with the once dominant PASOK party down to 13pc in the latest poll and votes peeling away to the Communists, the Democratic Left, and Syriza.

Alexis Tsipras, the Syriza leader, told the Greek parliament on Tuesday that his country was victim of a "terrorist" assault. "This agreement is binding only on those who signed it. The accord carries the signature of a government with no popular legitimacy. It does not bind Greek democracy, or Greek society, or the Left. Very soon the sovereign people will regain their sovereignty," he said.

Greek nationalists of all stripes are enraged by EU demands for an escrow account to dock Greek revenues at source for debt repayment, with an EU taskforce chief stationed permanently in Athens to enforce reforms. "If Europe keeps adding insult to injury, this is going to turn explosive," said Dimitris Daskalopoulos, head of the Hellenic Federation of Enterprises.

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