Picture by Mariananik
OK – let’s get one thing clear from the start. Nobody’s saying that the Greeks aren’t in part responsible for their present unhappy state. Like the rest of us, Greeks don’t like paying taxes. And if you were in their shoes and could get away with it, what would you do? There’s probably inefficiency and mismanagement in the country, but that doesn’t mean that, as a member of the eurozone, Greece should lie down and invite the German steam-roller to trundle over the top of them.
Normally when a country delivers such a firm and resounding majority in favour of something, the rest of the world applauds. Democracy in action. Not this time, though. This time the Greeks are seen as having given the wrong answer – walked onto a bed of hot coals which may cripple them for generations.
Whether that’s the case or not, this is a key moment in the history of Europe. The EEC was set up to allow mutual trade benefits. Then the EU came into being and a common currency was introduced. It’s clear to anyone with eyes that the next step is towards a political union of some kind. And that’ s the crux of the matter. What kind of political union does Europe have in mind?
Well, judging by the last few weeks and months, it’s going to be a Europe where the big countries tell the small countries what to do. Doesn’t sound too democratic? That’s because it isn’t. As things stand, Germany is set to teach Greece and other countries like it a lesson. (You listening, Italy and Spain?) Whether the resignation of the Greek finance minister Yanis Varoufakis, whom Berlin detests, will be enough to pacify the German Headmistress remains to be seen.
Whatever the outcome, Greece has already made it clear that there is a different way, a way where debt repayment is organised so that the economy grows and the people aren’t crucified by the debts to German banks.
When you think of it, like: isn’t it a terrible pity the Greek crisis hadn’t preceded the Irish melt-down rather than come after? The Greek example might even have put some lead into Enda’s limp little pencil.
Agreed, Jude. We as Europeans need to stand fore square behind the Greeks. There is no doubt they are in crisis and will require the encouragement and practical support of their European brothers and sisters. Whilst I am an Irishman, I am a European first and foremost.
The Greeks very soon will regret the folly of a no vote already many major companies are declining to do business with the country and when the banks run out of money……
We’re all conditioned to believe that you must pay your debts. But rarely have European countries repaid their debts.
Thomas Piketty, eminent economist. “Europe was founded on debt forgiveness and investment in the future,” he said. “Not on the idea of endless penance. We need to remember this.” http://www.cityam.com/219501/greece-crisis-germany-shouldnt-lecture-greece-it-never-repaid-its-own-debts-argues-thomas
Did the money lent to Greece ever exist?
The European Central Bank is pumping €1.1tn into the EU over the next 18 months. Question: Where has this €1.1tn come from? Answer: the ECB just keyed it onto a screen in Brussels. As the bank of England did when it magicked up £375 billion to bail out british banks. japan is creating $1.4tn. The USA’s Federal reserve (a privately owned institution) created around $4 trillion in QE. If money can be magicked out of thin air, why does it have to be paid back?
How can you ‘borrow’ and ‘pay back’ something that never existed?
The modern money system is smoke and mirrors operation designed to control & enslave. We need to question the sacred cow of how money is created, who creates it & why does it have to be paid back.
cushy glen – glad someone else is thinking along the same lines as me!!!
Did the money lent to Greece/ireland /wherever ever exist?
How can you ‘borrow’ and ‘pay back’ something that never existed?
I’ve been asking myself these questions since the whole shakedown started – and am ever more convinced that’s all it is – a ruse to transfer wealth from the working/middle classes to the super-elite, so we can all go back to being serfs and maintain them in the luxurious manner to which they feel entitled!!!
There is a lot of sympathy for the Greek people and pointing out a few hard facts may not be popular, but a little fairness and balance is needed.
The Greeks incurred the original debt by falsifying their accounts to pass off and sell junk bonds as AA rated. There was no lending but fraudulent sales
The bailout occurred to rescue the people defrauded by Greek criminality. Even then they took a ‘haircut’ of €100Billion
The money was taken by the Greek state and spent on its people – so the people get the bill.
Too late, Neill. The people of Greece fully understood the nature of capitalism as they entered the polling booth. They have successfully challenged the system which is in the control of a few, wealthy groups. Their collective, democratic will has changed the agenda, causing second thoughts in European capitals. You’re right that there are capitalists thugs who will wish to crush them to inhibit other small nation states following Greece’s example and demanding that deficits should be managed in a way that does not crush ordinary folk. Sinn Fein and the SNP in Scotland have shown that voters will support parties which oppose dire anti people economic strategies
John
Living in Scotland,you may not be fully aware that the S D L P have consistently opposed the austerity measures ,even when S F was performing somersaults after initially signing up to the Stormont House Agreement .
Why are you blaming Enda? I thought it was Biffo
It’s a relay race, Pat. Biffo and Co let ‘er rip through the Celtic Tiger years, then lay down so the troika could wipe their shoes on them. Enda and co then came in, Labour’s way or Frankfurt’s way and all that – kicked the financial shit out of the population and is now complimenting said population on the hardship they’ve endured and how it’s all paying off now. Or will be soon. Or soonish. Or some day…
Enda’s government is much to blame. They were elected on the promise to burn the bondholders but when elected continued the austerity programme already installed by Biffo and FF. Let’s hope Greece will stick to its NO vote, unlike Ireland who were sent back to vote again and delivered the YES desired by their EU masters. The Greeks are the heroes of Europe today. I hope they can hold out for a fairer future.
A week is a long time in politics. Last week, near hysterical commentators on RTE demanded to know if the Greek government would resign after a “YES” vote. The majority of Greek citizens have rejected austerity and the greed of international money lenders. They have also delivered a verdict on corruption in the body politic. Now imagine if there had been a referendum in Ireland on austerity, how might the administration in Dublin respond to the will of the people? No doubt there would have been serial referenda until the will of the Troika prevailed beyond the pale.
Cushy Glen is absolutely correct. All currencies are fiat currencies,that is that governments say the yen, dollar, pound, euro are legal currencies so therefore they are. The only thing that gives them value is that people accept that they have a value. If that confidence goes then any currency becomes worthless.
Greece should reinstate the drachma and not be held to ransom by the ECB and Germany in particular. Think of the shockwaves that would cause the powers that be!
As for Enda having lead in his pencil I think Enda’s pencil is one of those with a rubber at the end.
So after Greece defaults on its debts who will lend Greece money? As for the drachma it will almost be a worthless currency.
The bottomline is this the Greeks borrowed the money and are refusing to pay it back if that goes unchecked Global capitalism will collapse
I’m tempted to say ‘I can’t wait’, neill…
Populism seldom delivers good governance Jude
Mmmm – is that another word for ‘majority’, neill?
The Troika wanted and expected the whole Greek government to fall. Instead there was a spectacular and emphatic NO vote. Perhaps in a sort of peace offering Yanis Varoufakis the Finance Minister steps down. I’m disappointed. Here was a brilliant, erudite and determined thinker and actor who wore the broad interests of the Greek people and Europeans on his sleeve, and was contributing so much. He stood up to the Greek creditors and was not to be bullied. I don’t think he has stepped down as a parliamentarian, so perhaps we’ll still hear lots from him. We’ll all benefit.
Completely agree, GT…
In total agreement about the illusion re: the existence of money and debt. The “Great Financial Crisis” of 2008 that was the brainchild of Wall Street and international bankers.,they reaped massive profits ,beginning with , first awarding and then the re-selling of subprime mortages etc etc ( a corpse could get one ) and got another bite of the cherry when it all crashed……all that has been said , but my worry now would be the covert toppling of the Greek government for their audacious behaviour and it’s replacement by a suitably compliant , right -wing nodding donkey !
I dont understand why the Fg,Labour and the Sindo do not blame the real culprits in this whole Financial (Greek) problem i.e Gerry Adams and Sinn Fein!!!