Portside

So Greece will be receiving the tranche it had initially refused, but on the condition of sticking to the commitments of its predecessors. What we have then is a reaffirmation of the typical German stance of imposing — as a precondition for any agreement and any future disbursement of funding — completion of the “assessment” procedure by the tripartite mechanism (whether this is called “troika” or “institutions”) for supervision of every past and future agreement.

Right-wing governments in Europe's periphery are terrified of a Greek success at the negotiating table. U.S. Senator Bernie Sanders writes, 'If Syriza succeeds in rolling back the EU-mandated measures...It could encourage dissident political movements in other parts of Europe...'

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The Greek election was a warning that, while wealth and political power may be related, they are not the same thing: Governments can be overturned. Europe needs answers. The Greek crisis is a crisis of the entire EU. To one extent or other, every country - even Germany, the EU's engine - is characterized by falling or anemic wage growth, increasing economic inequality, spreading deflation, and an overall decline in living standards.

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Anti-austerity rallies in solidarity with the new Greek government, including one in New York City

Greece needs a viable exit option, both because it may actually want to go this route and also because it needs greater bargaining power with the troika.

Yanis Varoufakis is currently the Greek Minister of Finance. In this essay, posted to his website one year ago, he explains why he believes that radicals must work to stabilize the Eurozone on a more equitable basis so as to mimimize human suffering and to provide the time and space to develop a humanist alternative to Corporate Europe. He also describes the influence of Karl Marx on his views and asserts the necessity to embrace -- critically -- Marx's insights.

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Syriza will not easily sweep the policies of austerity aside, but there is a palpable feeling on the continent that a tide is turning. The victory of Greece's left-wing Syriza Party was, on one hand, a beacon for indebted countries like Spain, Portugal, Italy, and Ireland. It is also a gauntlet for Germany, the Netherlands, Finland, and the "troika" - the European Central Bank, the European Commission, and the International Monetary Fund.