Monday, 6 July 2015

Surprise? Greece says no to bailout, Troika


Compliments of Latuff on Greece, Tspiras and Austerity measures

Greeks vote in bailout program referendum



After 14 years of being part of the Eurozone, the majority of Greeks have said a resounding Oxi or no to the Troika's bailout program and piling austerity measures and for the country's $33 trillion debt to the IMF. There's been talk of a Greek exit or Grexit if the Greek people (homeland of democracy) get to decide on the bailout set forth by the Troika: the European Central Bank, IMF and EU Commission. Outside of Athens across the Greek islands and in the capital, the people have been suffering with crushing personal and national debt, financial troubles, closed banks with limits on bank account withdrawals, depression from job loss and high youth unemployment. Greece's pain is not unique and is well known to the Global South countries ie Chile, Russia, Sudan, Zimbabwe, Somalia and Argentina. Argentina's 2001 Financial and social collapse might have foreshadowed the saqueo (plundering) of Greece. Ironically, 2001 was also the same year Greece joined the Eurozone. Unlike The Drachma, the old Greek currency might make a comeback as the single or dual currency of the Argentina, Greece hasn't been able to bounce back since the financial crisis of 2006. Greece lacks strong export trade and manufacturing industry that helped Argentina recover. The Drachma, the old Greek currency could make a comeback as a single or dual currency for the country sharing monetary status alongside the Euro. The Yes vote campaign had tried to insist that Greece would be an orphan or unable to economically function outside the Eurozone and Brussel's financial guidance. Exhausted by the crushing crisis, by the IMF's harassment while ignoring the people's tug of war with the government over pensions and lack of access to health and money, ordinary Greeks' patience for their country's EU membership has reached a boiling point. This will send a precedent for other EU members debating their own solutions and woes to their respective financial crisis, unemployment and membership namely Spain, Portugal and the UK. The UK, specifically England aka Britain has been trying to unanimously end its EU membership through political and financial means to no avail. PM Cameron has called for England's own referendum on EU membership in the coming years. The EU citizens have expressed solidarity with Greece's woes.

Debtocracy: On the Greek Economic and Social crisis 



This vote is not about leftist parties or groups "sticking it" to the powerful economies of Europe ie Germany. It speaks volumes to the "joys of neoliberalism" serving as the golden fix for continual financial woes  and Capitalist system's widening wealth gap even in the Global North. Neoliberalism and the free markets have long been seen as the ultimate manna for any country's debt and depression. Never mind that the ordinary people face the most blow back from socioeconomic collapse and crushing debt. The banks are hit but are able to recover overtime with the help of global financial markets and government intervention. Greece along with its neighbors are being twisted by the global economy which is equally feeling the butterfly effect each time there is a crisis in global trade and interdependence. The EU has been debating what Greek's future would hold if the Greeks turned their back fully to the union. Greece is currently writing its own story to its far reaching drama.

Catastroika Privatization Goes Public


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