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The real point here seems to be "reform", through destroying what's left of the welfare state in Greece and lowering wage expectations to a Victorian level.
If you accept that "the economy" being talked about here includes the people who own it, but not the people who work in it, the project looks likely to be a success.
The other alternative, or complementary factor, is simple fascist Northern racism.
It's obvious the motivation isn't Europe-building and mutuality - which it might have been, with different leaders.
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