The 3rd Memorandum signed by the SYRIZA government marks the complete political bankruptcy of the left regime and the chimerical aspirations for a more “humane” capitalism. After taking office last January, this marks the collapse of the attempted Syriza management of the defeat of the popular social movements from the period 2010-2012. For those who had no illusions, this whole period until the adoption of the 3rd Memorandum represents simply a waiting period for the predicted backtracking, where the campaign promises to repeal or renegotiate the Memorandum and partial cancelling of the debt along with a parallel policy for the relief of the poor was first followed by the agreement of February 20 which extended the second memorandum, and then came (despite the disapproval of 62% of the voters in the referendum of July 5 rejecting the proposals of lenders) the third memorandum which is much worse than the measures rejected in the referendum.

Within a few months, Syriza crossed over its “red lines” in complete retreat and acceptance of the creditors’ demands, towards the acceptance of a Memorandum far more brutal than that which was voted by the previous Samaras government...