It's Called the 'Bait and Switch': Greek Leaders Had Citizens Vote Against Bank Bailout — Then Handed Them the Same Bank Bailout (Video)

"A Hostage Situation": Greece Yields to Austerity Demands Just Days After Historic "No" Vote

Lucy (the Greek government) pulled the old "Bait and Switch" on Charlie Brown (Greek citizens) again.

Greek Prime Minister Alexis Tsipras has submitted a bailout proposal which includes harsh austerity measures, just days after the Greek people overwhelmingly rejected such measures in a historic referendum. The proposal submitted to Greece’s creditors reportedly includes tax increases, pension cuts, a reduction in military spending, and the privatization of public assets. It comes after Tsipras himself had urged the Greek people to reject creditors’ demands for further austerity. In exchange for the reforms, Greece would receive a three-year, $59 billion bailout package. Germany, meanwhile, appears to be yielding to demands to provide at least some measure of debt relief to Greece.

European officials have expressed approval for the Greek offer ahead of a key meeting of European finance ministers on Saturday. The Greek Parliament is expected to vote on the bailout proposal today, just five days after an overwhelming 61 percent of Greek voters rejected similar terms. We speak to Mark Weisbrot, co-director of the Center for Economic and Policy Research. He is the author of forthcoming book, "Failed: What the Experts Got Wrong About the Global Economy."