But the timing is appalling. By late Friday, I and other journalists were aware of a rapid uptick in Greek deposit withdrawals. The ECB, which effectively controls the Greek banks, told Varoufakis he would have to limit both ATM withdrawals and movement of money abroad on Tuesday morning, after today’s bank holiday in Greece.
That’s why the substantive deal was designed to be done tonight. When I asked Varoufakis, at a late night press conference, if the banks would open Tuesday he said: “Tuesday, Wednesday and ad infinitem”.
If Friday’s deal holds then Greece – which Varoufakis describes as a “debt colony” will effectively be a debt colony with a bit more “home rule” – and, to continue the analogy, minus what development theorists used to call the “comprador bourgeoisie”.