Greece: the new Ragman Rolls.

I guess I better tell you the story of the Ragman Rolls, so the comparison will be obvious.

Scotland and Wales were conquered by King Edward the First of England. He made the Chieftains of the Scottish Clans sign a pledge, whereby the Scots denounced their sovereignity, conveying said sovereignity to the King of England. That became known as the Ragman Rolls. Edward also took the Stone of Scone, on which the King of Scotland was crowned.  During the reign of Edward the Second of England, the Scots revolted and beat the English like a drum. The story goes that Edward II was a Faigallah and repealed the 'don't ask don't tell' of his age and his army deteriorated. Be as it may, the English wanted to dialog and negotiate for peace.

The Scots were adamant. They wanted a large payment, return of the Ragman Rolls (so it could be destroyed) and also the Stone of Scone. At first, things were fine, the English paid the money they promised. The Scots thought that independence was just around the corner. And thus began the negotiations for the return of the Ragman Rolls. There were months of wranglings over such issues as who would participate, where they would be lodged, what route they would travel, who would provide the food and who would pay for it, the shape of the table and all such weighty issues. It is not surprising that negotiations went on and on untill the process became part of the English Language via the word "rigemarole."  I don't know what happened to the Ragman Rolls (some future Kings of England were Scots), but you can see the Stone of Scone today in the British Museum.

Now to Greece. The country is bankrupt and it has been in a recession for up to five years now. As a member of the EU, it was offered a bailout for promising to institute "austerity" which means a reduction of Greece's budget deficit, revision of labor laws, etc. Greece was run by PASOK (the Socialist Party) and New Democracy (NDP) was in opposition. NDP's head Mr Samaras opposed the bailout at least in principle. There were riots in Greece and an election in May. The two leading parties (NDP and PASOK) took a beating at the polls catapulting Syriza, a radical Leftist Party into the lead. Syriza opposed the bailout and wanted out of the EU. NDP and PASOK refused to join in a calition with Syriza, after all the Greeks have some sense, even if they can't run their country. So, there was an other election in this June. NDP came in first, closely trailed by Syriza, PASOK being a distant third.

This Monday, NDP, PASOK and a Democratic Left party formed a coalition. The Democratic left Party is opposed to the terms of the bailout, while Samaras remembered that he did not care for them either. So, the new government of Greece will try to renegotiate the terms of the bailout.The alternatives are not good. Leaving the terms in place might re-ignite riots. The Germans and French insist that the terms remain. If Greece does not get the next tranche (big gob of loot), it will default bringing down a whole bunch of banks. A rigamarole is under way.