He told Syriza lawmakers they must back reforms and keep the country in the euro. "We are confronted with crucial decisions," he said during a party meeting, according to officials. "We got a mandate to bring a better deal than the ultimatum that the Eurogroup gave us, but certainly not given a mandate to take Greece out of the eurozone," he added. The "cap-in-hand capitulation" proposal offered by Tsipras is strikingly similar to the harsh austerity measures rejected on July 5 by 61 percent of voters. In addition to heavy VAT or value added taxation, the plan calls for "strong disincentives to early retirement, incur penalties for early withdrawals, make all supplementary pension funds financed by own contributions" and other measures. Zero Hedge noted on Thursday "the truth is that while making some concessions, the Greek proposal may still be insufficient for Merkel, and certainly won't be sufficient for the IMF due to the lack of real pension cuts."

Worse, Syriza will have to vote on this proposal tomorrow and explain to the people why nearly two thirds of them just voted No to a deal which the government itself is now hoping will pass. But worst of all, nowhere in the draft sent to creditors is there anything requesting or even hinting about Greek debt haircut, relief or even reprofiling. And all of this will happen as a massive Oxi demonstration takes place in front of government, so be on the lookout for a repeat appearance by the riotcam.