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Parchment in the Fire: IMF: austerity measures would still leave Greece with unsustainable debt | World news | The Guardian

IMF: austerity measures would still leave Greece with unsustainable debt | World news | The Guardian.

Filed under: Austerity Tagged: Austerity, Eurozone Crisis, Greece, IMF, Syriza, Troika

Parchment in the Fire: This referendum is a fight between the Greeks and Europe’s cruel capitalism | Aditya Chakrabortty | Comment is free | The Guardian

This referendum is a fight between the Greeks and Europe’s cruel capitalism | Aditya Chakrabortty | Comment is free | The Guardian.

Filed under: Austerity Tagged: Austerity, Eurozone Crisis, Greece, Syriza

Parchment in the Fire: Greece in chaos: will Syriza’s last desperate gamble pay off? | World news | The Guardian

Greece in chaos: will Syriza’s last desperate gamble pay off? | World news | The Guardian.

Filed under: Austerity Tagged: Eurozone Crisis, Greece, Syriza

Parchment in the Fire: Will the Greek Referendum Bring the Troika Back to the Bargaining Table? (2/2)

Filed under: Austerity Tagged: Eurozone Crisis, Greece, Syriza

Parchment in the Fire: Will the Greek Referendum Bring the Troika Back to the Bargaining Table? (1/2)

Filed under: Austerity Tagged: Austerity, Eurozone Crisis, Greece, Syriza

Parchment in the Fire: Tsipras goes for referendum on 5 July | Paul Mason | Paul Mason

Tsipras goes for referendum on 5 July | Paul Mason | Paul Mason.

It may come down to: who has the biggest social power on the streets – the Greek left, including the KKE, Syriza, the unions etc. – or the right. Which is what Greek history has always tried not to ask since 1974.

It may come down to: who has the biggest social power on the streets — the Greek left, inclduing the KKE, Syriza, the unions etc — or the right. Which is what Greek history has always tried not to ask since 1974. – See more (Read more…)

CuriosityCat: Greece & The Euro: Super Mario will come to the rescue this weekend

Mario Draghi of the European Central Bank

Deadlock reached, the EU negotiators broke off talks with the insurgent left wing Greek government, and that government threw a Hail Mary pass by calling for a referendum on the austerity package on July 5. Meanwhile, a hefty repayment of debt is due on June 30, and commentators are talking about a Greek default, leading to a Grexit from the EU.

Interesting events, but a man who embodies all the virtues that Plato imbued his Philosopher Kings with is now entering the stage right. That man will avert the crisis and let negotiations (Read more…)

Parchment in the Fire: Greece’s rich: insulated against an EU exit | World news | The Guardian

Greece’s rich: insulated against an EU exit | World news | The Guardian.

Filed under: Greece Tagged: Austerity, Eurozone Crisis, Greece, Grexit

Political Eh-conomy: Europe ready to kill Greece to keep TINA alive

My latest piece on Greece was published yesterday at Ricochet. In short, Europe and the IMF’s message that ‘there still is no alternative’ proves that objective of punitive austerity is political, not economic. Here it is in full:

The project’s aim is to make an example of Greece and solidify austerity as the only option within a Europe united by elite interests. Emergency summits, duelling proposals, trickles of banking system support and stern warnings create an economic veneer to paper over ultimately political aims.

Take the latest “compromise” proposal made yesterday by Greece’s ruling party Syriza. It offers a whopping additional (Read more…)

Accidental Deliberations: Tuesday Morning Links

This and that for your Tuesday reading.

- Mark Anderson reports on the Change Readiness Index’ findings that the growing concentration and inequality of wealth is making it more and more difficult for countries to deal with foreseeable disasters. But Jon Queally points out that a concerted effort to quit abusing fossil fuels could do a world in making our world both more fair and more sustainable.

- James Galbraith suggests that the EU is guilty of gross malpractice in how it continues to treat Greece in the face of overwhelming public opposition to austerity. But as David Dayen points (Read more…)

Parchment in the Fire: Hopes for Greece bailout deal rise sharply as Athens gives ground | Business | The Guardian

Hopes for Greece bailout deal rise sharply as Athens gives ground | Business | The Guardian.

Filed under: Austerity Tagged: Eurozone Crisis, Greece, Syriza

Alberta Politics: ‘Alberta is not Greece yet’ … Why do we have to pay for Jack Mintz’s mythmaking?

PHOTOS: Calgary in the near future, as fancifully described by the usual suspects at the University of Calgary, if the NDP doesn’t start delivering Conservative polices with alacrity. Below: U of Calgary Professor Jack Mintz, grabbed from Imperial Oil’s annual report; former Bank of Canada Governor David Dodge. VICTORIA, B.C. “Alberta is not yet Greece, […]

The post ‘Alberta is not Greece yet’ … Why do we have to pay for Jack Mintz’s mythmaking? appeared first on Alberta Politics.

Political Eh-conomy: Repeat after me: Alberta isn’t Greece

Last week it was Andrew Coyne; this week it’s Jack Mintz. Seems all the National Post’s favourite conservative commentators have suddenly decided to offer their Very Serious Advice™ to Alberta’s new government. While Coyne made a spurious comparison between raising the minimum wage and instituting a minimum income, Mintz outdoes him with an even more spurious comparison between Alberta and Greece.

Simply put, it is completely disingenuous to compare Greece to Alberta. Greece has seen its economy lose a quarter of its GDP since 2008 – a level of economic crisis unseen since the Great Depression. Unemployment has spiked to (Read more…)

Parchment in the Fire: ‘Making us poorer won’t save Greece’: how pension crisis is hurting its people | World news | The Guardian

‘Making us poorer won’t save Greece’: how pension crisis is hurting its people | World news | The Guardian.

Filed under: Austerity Tagged: Austerity, Eurozone Crisis, Greece, pensions

Parchment in the Fire: Drip Feeding Greece Will End in Default

Filed under: Eurozone crisis Tagged: Austerity, Eurozone Crisis, Greece, Syriza

Parchment in the Fire: Greece has nothing to lose by saying no to creditors – FT.com

Greece has nothing to lose by saying no to creditors – FT.com.

By Wolfgang Münchau

So here we are. Alexis Tsipras has been told to take it or leave it. What should he do?

 

The Greek prime minister does not face elections until January 2019. Any course of action he decides on now would have to bear fruit in three years or less.

 

First, contrast the two extreme scenarios: accept the creditors’ final offer or leave the eurozone. By accepting the offer, he would have to agree to a fiscal adjustment of 1.7 per cent (Read more…)

. . . → Read More: Parchment in the Fire: Greece has nothing to lose by saying no to creditors – FT.com

Parchment in the Fire: Greece – A Sad Story of the European Establishment – EU Politics Today – EIN News

Greece – A Sad Story of the European Establishment – EU Politics Today – EIN News.

by Robert Savio

ROME, Jun 9 2015 (IPS) – Only 50 years of Cold War (and the fact that German Chancellor Angela Merkel grew up in East Germany) can possibly explain the strange political power of the United States over Europe.

After a bilateral meeting between Merkel and U.S. President Barack Obama (so much for transparency and participation), the Jun. 7-8 G7 summit opened in Germany and we found out that there had been a trade-off.

Merkel agreed that Europe should continue the (Read more…)

Parchment in the Fire: Creating an Economy of Need in Greece

Filed under: Europe Tagged: Eurozone Crisis, Greece, Socialism, Syriza

Parchment in the Fire: Tsipras lambasts ‘absurd proposals’ of creditors for Greece debt-deal failure | Business | The Guardian

Tsipras lambasts ‘absurd proposals’ of creditors for Greece debt-deal failure | Business | The Guardian.

Filed under: Crisis, Eurozone crisis, Greece Tagged: Austerity, EU, Eurozone Crisis, Greece, Syriza, Troika

Parchment in the Fire: Why Greece’s Syriza party is not sticking to the script on an IMF deal | Paul Mason | Paul Mason

Why Greece’s Syriza party is not sticking to the script on an IMF deal | Paul Mason | Paul Mason.

The leaked IMF document seen by Channel 4 News last weekend effectively signals a three-week endgame in the Greek debt stand-off.

The IMF thinks there is “no possibility” that Greece can meet €11bn worth of debt repayments due between June and the end of August. The Greek government is running out of cash.

Yanis Varoufakis, the finance minister, told Channel 4 News last night (see video below) that faced with the choice of paying €350m due on 5 June (Read more…)

Parchment in the Fire: ekathimerini.com | Greece toying with ‘chaos’ has Eichengreen urging lesser evil

By Lenka Ponikelska

Greece’s exit from the euro would unleash turmoil whose fallout will far exceed the cost of staying in the currency union, said U.S. economist Barry Eichengreen.

Reintroducing the drachma would solve none of Greece’s problems and instead set the stage for “even more chaos and uncertainty,” Eichengreen, a professor at the University of California, Berkeley, said in an interview in Prague on Friday.

“Staying in the euro zone will be costly and difficult for Greece and for Greece’s partners, but Greece getting out of the euro would be even more costly and difficult,” said Eichengreen, author (Read more…)

Parchment in the Fire: Would leaving euro be more of a catastrophe for Greece than staying? | Business | The Guardian

Would leaving euro be more of a catastrophe for Greece than staying? | Business | The Guardian.

Larry Elliot

Yanis Varoufakis rues the day when Greece joined the euro. The Greek finance minister says his country would be better off if it was still using the drachma. Deep down, he says, all 18 countries using the single currency wish that the idea had been strangled at birth but understand that once you are in you don’t get out without a catastrophe.

All of that is true, and explains why Greece is involved in a game of chicken with all the (Read more…)

Parchment in the Fire: Greece: The Noose Tightens | Jacobin

Greece: The Noose Tightens | Jacobin.

There are only three options remaining for the Syriza government.

 

by Stathis Kouvelakis

Greek Prime Minister Alexis Tsipras.

 

Events in Greece have taken a dramatic turn, and insolvency is at the gates. On April 20, the Greek government issued a decree forcing local authorities to place cash reserves at the Bank of Greece.

Two days later, Dimitris Mardas, the deputy minister of finance in charge of state revenue, declared that €400 million were missing to pay for pensions and salaries at the end of the month. A few hours later, he (Read more…)

. . . → Read More: Parchment in the Fire: Greece: The Noose Tightens | Jacobin

Political Eh-conomy: Podcast: The roots of the Greece crisis in European integration and what this means for the future

https://politicalehconomy.files.wordpress.com/2015/04/podcast150402-europe.mp3

 

As the simmering crisis between Greece and the institutions formerly known as the Troika heats up again, it’s a good time to look once more at the roots of the European crisis and what they mean for the possibilities open before Syriza at the present juncture. Greece is being squeezed by Europe: it’s cash is about to run out, they’ve been limited from raising new funds on bond markets and are being asked for ever greater concessions in terms of the reforms. Indeed, the red lines for compromise are right under Syriza’s feet and it’s (Read more…)

The Disaffected Lib: Why Syrzia Matters. It’s About a Good Deal More than Austerity. It’s About Salvaging Democracy.

Le Monde reminds all of us why Syrzia matters not just in Greece, but across Europe and even on our side of the North Atlantic.

The Greeks don’t need to have the meaning of the word “democracy” explained to them. Even so, they have been given countless lectures since voting in a leftwing government determined to end the austerity policies that have made their lives a misery for six years. The schoolmasterly reprimands have come from people who know what they are talking about: they are people who imposed treaties their electorates had voted against and reneged on campaign promises (Read more…)