An interview with Dr. Stathis Kouvelakis, Professor at Kings College London, discussing the financial crisis in Greece and the probability of defaulting on its EU debt. Filmed on 31 January 2012 by Global Voices for Justice at UCLA.
by Islam Channel 15/2/2012 http://www.counterfire.org
Debtocracy director Aris Chatzistefanou joins James Meadway of the New Economics Foundation for this edition of the I Witness programme with John Rees.
More clashes on the streets of Athens as the Greek Government imposes another round of austerity measures in a bid to ease the country’s economic woes. The policies will ensure Greece receives yet more financial aid from its European lenders but at what price to the Greek people?
The measures put in place are so severe that many fear that they are impossible to implement in a democratic state. But has democracy now been subverted in Greece?
Many Greeks now say that their country has become a slave to it’s lenders in the IMF and European Union.
John Rees is joined by James Meadway of the New Economics Foundation and Aris Chatzistefanou, Director of the films Debtocracy and Catastroika.
Produced for the Islam Channel by Alex Crutcher.
by Yani Varoufakis originally posted at http://yanisvaroufakis.eu 18/2/2012
Perhaps the greatest enemy of the eurozone, at this particular juncture, is an erroneous assumption: that a Greek default is inextricably linked to a Greek exit from the eurozone. The problem with this assumption is twofold: First, it prevents Europe from escaping a trap of its own making. Secondly, it is false. Read the rest of this entry »
By Jerome Roos On February 9, 2012 Originally Published at http://roarmag.org
Ever since the Greek debt crisis first appeared on the European political radar in late 2009, policymakers and experts of all colors and all stripes have been united in agreement on one basic illusion: that the prospect of Greece defaulting on its debts and leaving the eurozone was absolutely unthinkable — and that hence “there was no alternative” to continued EU/IMF bailouts, paired with endless austerity and radical structural reforms of the Greek economy.
But as Greece enters its fifth straight year of recession — its economy contracted by 6.5 percent last year — and as popular protests escalate all over again, signs are emerging that this neoliberal elite consensus may be crumbling. Faced with the glaring failure of austerity measures to reduce the country’s debt load, policymakers are finally starting to speak openly about the possibility of a default and a Greek exit from the eurozone.
“No Man Overboard” in Case of Greek Exit
Even the IMF recently recognized that its standard neoliberal medicine of harsh austerity measures is “harming Greece“. Poul Thomson, head of the IMF mission in Athens, admitted that the Fund’s “emphasis on fiscal consolidation has failed to work,” acknowledging that “social tolerance and political support have their limitations.” Yet ironically, the IMF continues to schizophrenically push for the same failing measures in its ongoing negotiations with Greece. Read the rest of this entry »