Tuesday, May 15, 2012

Greece and the Euro.

[A]

There has been a lot of scaremongering involving the possibility of Greece exiting/being expelled from the Eurozone.

As I see it, this frenzy intends to scare the Greeks into accepting the Troika-imposed slavery.

Unlike those charlatans, I will not give the Greek people an unsolicited advice. It's their future and their lives that are at stake, so it's for them to decide.

I, however, agree with the analysis Bill Mitchell produces here. If you are one of my very few Greek readers, or from the only slightly larger handful of other Southern European readers, you should read it.

A solution to the austerity crisis passes for Greece having its own sovereign currency. This requires leaving the Eurozone.

From a Marxist point of view (and I describe myself as a Marxist), a real solution also requires other things, but a first step to any solution, not necessarily a Marxist one, is that.

It won't be easy to take even that first, limited step, but if the experiences of Iceland and Argentina tell us something, it is that growth will return after initial hardship.

Whatever your decision, good luck.

Update:
16-05-2012. It appears that many commentators are freaking out on the possibility of Syriza and Alex Tsipras being propelled into power in the now unavoidable elections.

But what is Syriza? This is what the BBC's Paul Mason has to say:

"At the same time it explains that the resulting government may, in effect, be little more than a left-social democratic government, despite its symbology and the radicalism of some of its voters. By forcing the mainstream parties into positions where they could not express the will of the majority of centrist voters, the EU may end up destroying the Greek party system as it has been shaped since 1974."
It probably won't be worse than the buffoons who ruled Greece until now. But not much of a revolution, I'd say.

So, what is behind this hysteria? Pure stupidity or deliberate scaremongering? You be the judge.

Image Credit:
[A] Flag of Greece. Wikipedia.

1 comment:

  1. http://www.levyinstitute.org/publications/?docid=1511

    There's also the warren mosler/ Phillip pilkington plan of tax backed bonds.

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