121 online
 
Most Popular Choices
Share on Facebook 195 Printer Friendly Page More Sharing Summarizing
OpEdNews Op Eds    H2'ed 7/6/15

GREECE'D: We Voted 'No' to slavery, but 'Yes' to our chains

By       (Page 3 of 4 pages) Become a premium member to see this article and all articles as one long page.   10 comments

Greg Palast
Follow Me on Twitter     Message Greg Palast
Become a Fan
  (68 fans)

SYRIZA's euro-fetish was already evident in its pre-referendum proposals to the IMF and European Bank, a 47-page document which included 8 billion euros in new austerity measures plus a new round of sell-offs of state industries, the maintenance of a primary surplus of 1% this year which would increase in the coming years, the increase of the retirement age to 67, and making permanent the previously "temporary" taxes upon an already overtaxed populace. In Tsipras' own proposal, there was no word of a debt write-down or stoppage of payments, despite the fact that the government's own Debt Audit Commission announced on June 17 that the bulk of Greece's debt is illegal, "odious," and should not be paid.

Instead, Tsipras has come out in support of the IMF's proposal for a mere 30% "debt haircut" and a 20-year grace period, effectively sweeping the problem under the rug. Greece is currently running a deficit, meaning that in order for the 1% surplus to be achieved, SYRIZA must cut, cut, cut. Exactly as Mundell and the supply-siders intended.

Death by "Reform"

Like Obama, Tsipras knows that cutting pensions, privatizing and closing industries, slashing wages -- in other words, "austerity" -- or, to use the latest jargon, "reform" -- is not just cruel, it's plain stupid: it can only push a nation in recession into depression.

That's not just theory. The Troika (the European Central Bank, IMF and European Commission) first imposed their vicious austerity measures on Greece in 2010. Greeks watched their annual salaries plummet to half of a German's paycheck. Greece's supposedly generous pensions have been cut eight times during the crisis, while two-thirds of pensioners live below the poverty line. Everything from Greece's airports to harbors, the national lottery to prime publicly-owned real estatewas sold off, while schools and hospitals were shuttered.

And, for the first time since World War II, widespread starvation had returned. 500,000 children in Greece are said to be malnourished. Students fainting from hunger in frigid schools which cannot afford heating oil is now a common phenomenon.

This cruel "belt tightening," the Troika promised, would restore Greece's economy by 2012 (and then 2013, 2014, and 2015). In reality, unemployment went from a terrible 12.5% in 2010 to a horrendous 25.6% today.

Now, the Troika demands more of the same, a continuation of this disastrous policy.

Crashing into Africa?

Meanwhile, following the referendum result which made him a hero, finance minister Varoufakis resigned. Ironically, while Varoufakis rubbed German officials the wrong way with his unorthodox style, he, too, maintained the pro-euro myth. Previous austerity measures continued under his watch. To please the mad austerity masters, he said he would "squeeze blood from a stone" to repay the IMF--which he did in May, when all remaining funds in the Greek Treasury were rounded up by presidential decree to make that month's IMF loan payment. Varoufakis was so wedded to the euro that he claimed that Greece would be unable to print its old currency, the drachma, because we destroyed our currency printing presses when we joined the euro. In fact, the government's banknote printing facility in Athens still operates, printing the 10-euro note.

Meanwhile, our future flees. A quarter million university graduates have abandoned our nation. They have no choice: unemployment for those under 25 has hit 48.6%.

I know that many Greeks, Cypriots, Italians and Portuguese all express a visceral fear of leaving the euro. Depending on which polls one chooses to believe, anywhere from a near-majority to an overwhelming majority of Greeks wish to remain in the euro at all costs. From the hysterical statements I heard from some Greeks that, "We cannot leave Europe!", you'd think that dropping the euro will cause Greece to break off at the Albanian border and crash into Africa.

It would be refreshing to hear political leaders say the honest economic truth: "Workers of Europe unite! You have nothing to lose but the euro--and your chains."

***

Next Page  1  |  2  |  3  |  4

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Must Read 3   Valuable 3   Well Said 2  
Rate It | View Ratings

Greg Palast Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Greg Palastà ‚¬ „ s investigative reports appear in Rolling Stone, the Guardian and on BBC Television. His latest film, The Best Democracy Money Can Buy, on how Donald Trump stole the 2016 election, is available on Amazon. Palast is Patron of the (more...)
 
Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines

 
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter

Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

UAW Files Charges Against Romney for Auto Bail-Out Profiteering

Placebo Ballots: Stealing California From Bernie Using an Old GOP Vote-Snatching Trick

Aaron Swartz Died For Piers Morgan's Sins

TrumpCare dies, XL flies -- and the secret winner is...

The Confidential Memo at the Heart of the Global Financial Crisis

GREECE'D: We Voted 'No' to slavery, but 'Yes' to our chains

To View Comments or Join the Conversation:

Tell A Friend