Events in Greece are moving at a lightning pace. On Saturday, Greek PM Tsipras announced that he will put the the latest ultimatum from the troika to a referendum. The troika responded by stating there will be no extension of Tuesday’s repayment deadline. Now the banks in Greece will be closed for a week. Greece’s future now rests on a knife-edge.

The latest provocative demands and ultimatums placed by the troika on the Greek government have one clear aim: to destroy it. They cannot be interpreted in any other way and all the pieces of the puzzle are now falling together. The only alternative to austerity is for Syriza to break with capitalism.

At the last minute, when it seemed that a break was inevitable, the Greek government made a new proposal which included substantial additional concessions to the demands of Europe’s bankers and capitalists. The Syriza government has been forced to abandon substantial points of its own election program, and even the famous “red lines” have been crossed.