Tag: Greece


Greeks Reject Austerity Proposals

In a landmark referendum on July 5, 2015 Greeks have decisively rejected the austerity measures set out by European powers through European Central Bank (ECB) and European Commission and IMF (troika) to continue providing funds under the bailout. According to the reports with all votes counted 61.31% Greeks rejected the proposals. Thus Greeks have given a resounding NO to the terms of creditors. The vote was preceded by what has been called financial terrorism and financial carpet bombing with ECB refusing to provide Greek banks with liquidity and creating maximum mayhem to warn Greeks from voting NO. But Greeks were not to be deterred as they have been through a lot worse for last five years of austerity when this high per capita income country has been reduced to middle level income country.

Greece Govt. is saying that this vote will strengthen its position in the negotiations with its creditors. Prime Minister of Greece Tsipras has said that it was a referendum on the specific question of terms set out by creditors on June 25. He has also moved to replace Finance Minister Yanis Varoufakis who has come to be detested by creditors. However it is not Varoufakis but the Greece Govt’s refusal to follow the troika’s prescription on austerity that is detested by International Financial Institutions.Read More


Greece : Challenge is also an opportunity

Europe is facing political earthquakes. European Union, a project of big capital of Europe, is facing existential crisis. The existing framework of EU is being threatened by conflicting claims of different economies of Europe which are facing downturn and even frank recession. Economies of the some of the European countries have shrunk. Unemployment is on high level. World financial economic crisis which exploded in 2008 continues to shake the European countries though different European countries are being affected to different levels and in different ways.

Victory of Pedemos in recent local body elections in Spain, fifth largest economy of European Union, in major metropolitan centres has shaken the ruling establishment of that country. Pedemos supported candidates have won in Barcelona and capital Madrid. Powerful showing of Pedemos came five months after victory of Syriza in Greece. Syriza is embroiled in bitter struggle with German controlled European Central Bank (ECB) and US controlled IMF who are demanding further implementation of austerity measures. Greek people’s opposition to these measures had propelled Syriza to power but powers of Europe are refusing to recognize this mandate of Syriza. Towards the end of May 2015 local body elections were held in Italy where again anti-austerity parties gained in elections.Read More