In 2010, the Greek state ceased to be able to service its debt. Unfortunately, European officials decided to pretend that this problem could be overcome by means of the largest loan in history on condition of fiscal austerity that would, with mathematical precision, shrink the national income from which both new and old loans must be paid. An insolvency problem was thus dealt with as if it were a case of illiquidity. In other words, Europe adopted the tactics of the least reputable bankers who refuse to acknowledge bad loans, preferring to grant new ones to the insolvent entity so as to pretend that the original loan is performing while extending the bankruptcy into the future. Nothing more than common sense was required to see that the application of the ‘extend and pretend’ tactic would lead my country to a tragic state. That instead of Greece’s stabilization, Europe was creating the circumstances for a self-reinforcing crisis that undermines the foundations of Europe itself.
One scenario that the foreign creditors, domestic wealthy elite and the neo-liberal politicians have in mind involves a simple co-optation strategy of SYRIZA by the neoliberal elements. This means that eventually a new SYRIZA emerges without the left-wing minority that would go off to fom its own party perhaps with other smaller parties. The neoliberal PASOK, the "cloned PASOK" known as POTAMI (River) join forces with the rump pro-EU SYRIZA and government togetgher with a neoliberal agenda that IMF, ECB and Germany prescribe in order to maintain the domestic elites in solid control of the economy and keep the nation tightly dependent on northwest Europe. This may or may not take place, but co-optation of SYRIZA's moderate wing has been on the agenda even of the conservative New Democracy Party (led by right winger Samaras) for the last three years.
At the other end of possibilities, very remote indeed, is a mass uprising that invites the role of the armed forces as it will most likely fail owing to absence of grassroots leadership and organization. In the last analysis, nationalism is a much stronger sentiment in the political culture and the media as well as the neoliberal supporters have been using it to manipulate public opinion to support austerity and neoliberal policies, no matter hoe detrimental to the middle class, workers, and social security recipients. SYRIZA has also used this issue directly by making the IMF-EU austerity-neoliberal agenda a problem between Greece and Germany, instead of one that places international and domestic capital against workers regardless of whether they are Greeks or Germans. As legitimate as it is, the German war repparations issue that SYRIZA has raised is really to co-opt the nationalist agenda and make the masses feel a sense of patriotic identification with their government. The old strategy of using nationalism to kill class solidarity and refuse any concessions for social justice still works.