Greek debt crisis: 'Who will trust Germany after this?' asks Paul Krugman
Nobel prize-winning economist accuses eurozone leaders of endangering the European project through harsh treatment of Greece
The Nobel prize-winning economist Paul Krugman has said the EU's demands of Greece are madness and accused Germany of killing the European project.
In a blog published in the New York Times before eurozone leaders announced they had reached a compromise agreement on Monday morning, Krugman suggested German demands over Greece were vindictive, adding: "Who will ever trust Germany’s good intentions after this?"
As European leaders struggled to reach an agreement on Greece, one that would allow for talks aimed at securing a third bailout, Germany emerged as the fiscal hardliner, demanding cast-iron guarantees that Athens would observe stringent austerity measures.
France and Italy appeared to offer some resistance to Germany late in the day, with Mario Draghi, the Italian head of the European Central Bank, thought to be most opposed to cutting Greece loose from the euro.
Krugman, who has been a vocal supporter of Europe and a critic of austerity, called a list of European demands "madness", saying they went "beyond harsh into pure vindictiveness".
"It is, presumably, meant to be an offer Greece can't accept; but even so, it's a grotesque betrayal of everything the European project was supposed to stand for," he wrote.
Krugman also lent impetus to the Twitter hashtag #ThisIsACoup, which dominated social media attached to tens of thousands of angry comments denouncing German-inspired proposals for EU-directed reforms of Greece's public administration.
The hashtag appeared to originate on Sunday evening from Sandro Maccarrone, who describes himself as a physics teacher from Barcelona.
He tweeted: "The Eurogroup proposal is a covert coup d'etat against the Greek people. #ThisIsACoup."
In pictures: Greek referendum
Show all 28
In pictures: Greek referendum
1/28 Greece EU Referendum
People celebrate in Athens after the first exit-polls of the Greek referendum
Getty Images
2/28 Greece EU Referendum
A "No" supporter flashes a victory sign before a Greek flag atop the parliament in Athens, Greece July 5, 2015.Greeks voted overwhelmingly "No" on Sunday in a historic bailout referendum, partial results showed, defying warnings from across Europe that rejecting new austerity terms for fresh financial aid would set their country on a path out of the euro.
REUTERS/Yannis Behrakis
3/28 Greece EU Referendum
Supporters of the No vote react after the first results of the referendum at Syntagma square in Athens
AP
4/28 Greece EU Referendum
Supporters of the No vote wave Greek flags after the referendum's exit polls at Syntagma square in Athens
AP
5/28 Greece EU Referendum
Greece's finance minister Yanis Varoufakis casts his vote in the country's referendum
EPA
6/28 Greece EU Referendum
A ballot box is emptied by a voting official at the closing of polling stations in Athens, Greece July 5, 2015. Greece voted on Sunday on whether to accept more austerity in exchange for international aid, in a high-stakes referendum likely to determine whether it leaves the euro-currency area after seven years of economic pain.
REUTERS/Marko Djurica
7/28 Greece EU Referendum
A photographer photographs a man waiting to vote in the referendum at a school in the suburbs of Athens
Getty
8/28 Greece EU Referendum
Greek voters are being asked to choose between backing their creditor's austerity measures or rejecting them
Getty
9/28 Greece EU Referendum
Tourists walk past posters with slogans that read “OXI“ (NO) and “NAI“ (YES) ahead of the referendum in Athens
AFP
10/28 Greece EU Referendum
Opposition parties to Syriza, including the centre-right New Democracy, are campaigning for a ‘Yes’ vote in the referendum
Reuters
11/28 Greece EU Referendum
Protesters on both sides of the argument ('No' pictured here) have rallied in Athens
AP
12/28 Greece EU Referendum
Greek Prime Minister Alexis Tsipras has been branded reckless and a feckless liar by EU leaders
Reuters
13/28 Greece EU Referendum
According to polls which surveyed some 1000 people across the country, 41.5 percent of Greeks would support the new bailout measures to avoid an exit from the Eurozone
AP
14/28 Greece EU Referendum
Despite Tsipras's assurances, many Greek people are not certain whether Sunday’s referendum is a vote on whether Greece will remain in the euro or not
Reuters
15/28 Greece EU Referendum
The Greek and EU flags flutter in front of the ancient Acropolis hill in Athens. The Greek people have been called upon to show “calm and national unity”
Getty
16/28 Greece EU Referendum
Greek Prime Minister Alexis Tsipras addresses a crowd of 25,000 'No' supporters in Athens' Syntagma Square
YANNIS BEHRAKIS/Reuters
17/28 Greece EU Referendum
Greece’s Prime Minister Alexis Tsipras gave a televised address to the nation ahead of the vote. He has called on voters to reject creditors’ proposals for more austerity in return for rescue loans
AP
18/28 Greece EU Referendum
Protesters march holding a torn European Union flag during a demonstration for the 'NO' campaign in Thessaloniki
Getty Images
19/28 Greece EU Referendum
Greek Finance minister Yanis Varoufakis has pledged to resign if his country votes “yes” to the bailout plan
Reuters
20/28 Greece EU Referendum
Pensioner wait to get their pensions outside a National Bank of Greece branch in central Athens. Banks only opened for pensioners to allow them to get their pensions, with a limit of 120 euros.
AFP/Getty Images
21/28 Greece EU Referendum
Protesters attend an anti-austerity pro-government rally in front of the parliament building
Getty
22/28 Greece EU Referendum
The possibility of Greece leaving the Eurozone is increasing by the day. Merchandise already exists to accompany the event
EPA
23/28 Greece EU Referendum
An elderly man waits to receive his pension outside the closed National Bank of Greece headquarters in Athens
AP
24/28 Greece EU Referendum
People stand in a queue to use an ATM outside a closed bank in Athens
AP
25/28 Greece EU Referendum
A banner supporting the NO vote in the upcoming referendum hangs from the offices of the Greek Finance Ministry
Getty Images
26/28 Greece EU Referendum
Greeks will be asked whether they accept the austerity terms demanded by the country's creditors
Getty
27/28 Greece EU Referendum
Eurozone finance ministers expressed disappointment at the Greek decision to hold a referendum on the bailout terms
Getty
28/28 Greece EU Referendum
Alexis Tsipras, the Greek Prime Minister, said bailout conditions had ‘asphyxiated’ his country
EPA
1/28 Greece EU Referendum
People celebrate in Athens after the first exit-polls of the Greek referendum
Getty Images
2/28 Greece EU Referendum
A "No" supporter flashes a victory sign before a Greek flag atop the parliament in Athens, Greece July 5, 2015.Greeks voted overwhelmingly "No" on Sunday in a historic bailout referendum, partial results showed, defying warnings from across Europe that rejecting new austerity terms for fresh financial aid would set their country on a path out of the euro.
REUTERS/Yannis Behrakis
3/28 Greece EU Referendum
Supporters of the No vote react after the first results of the referendum at Syntagma square in Athens
AP
4/28 Greece EU Referendum
Supporters of the No vote wave Greek flags after the referendum's exit polls at Syntagma square in Athens
AP
5/28 Greece EU Referendum
Greece's finance minister Yanis Varoufakis casts his vote in the country's referendum
EPA
6/28 Greece EU Referendum
A ballot box is emptied by a voting official at the closing of polling stations in Athens, Greece July 5, 2015. Greece voted on Sunday on whether to accept more austerity in exchange for international aid, in a high-stakes referendum likely to determine whether it leaves the euro-currency area after seven years of economic pain.
REUTERS/Marko Djurica
7/28 Greece EU Referendum
A photographer photographs a man waiting to vote in the referendum at a school in the suburbs of Athens
Getty
8/28 Greece EU Referendum
Greek voters are being asked to choose between backing their creditor's austerity measures or rejecting them
Getty
9/28 Greece EU Referendum
Tourists walk past posters with slogans that read “OXI“ (NO) and “NAI“ (YES) ahead of the referendum in Athens
AFP
10/28 Greece EU Referendum
Opposition parties to Syriza, including the centre-right New Democracy, are campaigning for a ‘Yes’ vote in the referendum
Reuters
11/28 Greece EU Referendum
Protesters on both sides of the argument ('No' pictured here) have rallied in Athens
AP
12/28 Greece EU Referendum
Greek Prime Minister Alexis Tsipras has been branded reckless and a feckless liar by EU leaders
Reuters
13/28 Greece EU Referendum
According to polls which surveyed some 1000 people across the country, 41.5 percent of Greeks would support the new bailout measures to avoid an exit from the Eurozone
AP
14/28 Greece EU Referendum
Despite Tsipras's assurances, many Greek people are not certain whether Sunday’s referendum is a vote on whether Greece will remain in the euro or not
Reuters
15/28 Greece EU Referendum
The Greek and EU flags flutter in front of the ancient Acropolis hill in Athens. The Greek people have been called upon to show “calm and national unity”
Getty
16/28 Greece EU Referendum
Greek Prime Minister Alexis Tsipras addresses a crowd of 25,000 'No' supporters in Athens' Syntagma Square
YANNIS BEHRAKIS/Reuters
17/28 Greece EU Referendum
Greece’s Prime Minister Alexis Tsipras gave a televised address to the nation ahead of the vote. He has called on voters to reject creditors’ proposals for more austerity in return for rescue loans
AP
18/28 Greece EU Referendum
Protesters march holding a torn European Union flag during a demonstration for the 'NO' campaign in Thessaloniki
Getty Images
19/28 Greece EU Referendum
Greek Finance minister Yanis Varoufakis has pledged to resign if his country votes “yes” to the bailout plan
Reuters
20/28 Greece EU Referendum
Pensioner wait to get their pensions outside a National Bank of Greece branch in central Athens. Banks only opened for pensioners to allow them to get their pensions, with a limit of 120 euros.
AFP/Getty Images
21/28 Greece EU Referendum
Protesters attend an anti-austerity pro-government rally in front of the parliament building
Getty
22/28 Greece EU Referendum
The possibility of Greece leaving the Eurozone is increasing by the day. Merchandise already exists to accompany the event
EPA
23/28 Greece EU Referendum
An elderly man waits to receive his pension outside the closed National Bank of Greece headquarters in Athens
AP
24/28 Greece EU Referendum
People stand in a queue to use an ATM outside a closed bank in Athens
AP
25/28 Greece EU Referendum
A banner supporting the NO vote in the upcoming referendum hangs from the offices of the Greek Finance Ministry
Getty Images
26/28 Greece EU Referendum
Greeks will be asked whether they accept the austerity terms demanded by the country's creditors
Getty
27/28 Greece EU Referendum
Eurozone finance ministers expressed disappointment at the Greek decision to hold a referendum on the bailout terms
Getty
28/28 Greece EU Referendum
Alexis Tsipras, the Greek Prime Minister, said bailout conditions had ‘asphyxiated’ his country
EPA
Within hours it had been used nearly 200,000 times.
(Additional reporting by agencies)
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