Greece and its "troika" of creditors - the European Central Bank (ECB), the European Commission, and the International Monetary Fund (IMF) - have finally agreed on terms for its latest bailout, worth about €86 billion ($95 billion).
Athens will pay a heavy price in sovereignty, becoming a "debt colony" of sorts. The terms require Greece to surrender policymaking power over huge swathes of its economy and, indeed, its entire society, to the troika.
There's little wonder outspoken former Finance Minister Yanis Varoufakis says it's not going to work.
This is clearly a bad deal for Greece - and it should worry anyone who believes in the age-old principle that a nation's own people should be firmly in control of its destiny.
But it's nothing compared to the alternative that Greece was preparing in case negotiations failed and no bailout was forthcoming.
That contingency plan, with all of its "bail-ins" and draconian measures, is truly terrifying.
And it gets even scarier when you realize that we've actually seen glimpses of how governments will reflexively grab their people's wealth to save their own skins.
I'm going to show you how to do that today...
As Greeks Suffered, Syriza Kept "All Options on the Table"
As Greece and its creditors played hardball with each other, the average Greek citizen was shut out of the stock market and barred from his own bank accounts, in most cases limited to just €60 in withdrawals each day. In many places, lines exploded and machines simply ran out of cash.
That was far from the worst of it...
Greeks were absolutely forbidden from sending money out of the country without government approval. Simple things that required sending money out of the country like, say, buying a song on iTunes, just stopped working, as did services like PayPal and cloud storage.
Naturally, Greek tourists overseas were left high and dry. The New York Post reported honeymooners Valasia Limnioti and Konstantinos Patronis were on a "dream trip" to New York when they found their Greek-issued debit and credit cards declined and useless.
Fortunately for the couple, two local Greek Orthodox congregations stepped in to help. Their own politicians wouldn't help, and their relatives certainly couldn't - unless they could prove to the government's satisfaction that they were sending the funds "on an emergency basis."
Supermarket shelves ran empty, too. At least drug companies promised to keep Greece supplied with critical medical supplies - despite being owed billions by the government.
We know now that, as this tragedy unfolded across Greece, Greek politicians were already deep into backroom subterfuge.
Details have recently emerged about dramatic plans certain Syriza party members were pushing their government to approve in case bailout talks failed...
Greece's Terrifying "Plan B"
Hardliner and former Greek Energy Minister Panagiotis Lafazanis told RealNews Daily that he'd pressed his government to access Bank of Greece reserves. He said the goal was to allow the payment of pensions and civil servant wages should Greece exit the euro.
About the Author
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it's in gold, silver, oil, coal, or even potash.