The Greek debt crisis offers another illustration of Wall Street’s powers of persuasion and predation, although the Street is missing from most accounts. The crisis was exacerbated years ago by a deal with Goldman Sachs, engineered by Goldman’s current CEO, Lloyd Blankfein. Blankfein and his Goldman team helped Greece hide the true extent of its debt, and in the process …
The consequences of Syriza’s betrayal: From terms of surrender to terms of occupation – Barry Gray
Meeting late into Sunday night, euro zone heads of government issued new ultimatums to Greece that would effectively strip the country of its sovereignty and turn it into an economic colony of the German banks. The German government has been the most aggressive in insisting that either the Greek parliament pass a series of laws by Wednesday night imposing a …
The European Union’s Crisis of Legitimacy and The Greek Referendum – Donatella della Porta
For some time now social movements have expressed their support for Another Europe. Their almost unanimous support for a “NO” vote in the Greek referendum on the proposals of the Troika, says much about the repeatedly frustrated hopes of constructing a social Europe from below. Indeed, the protests against austerity have established, ever more clearly and explicitly, that the evolution of …
China’s share plunge casts lengthening shadow over global markets By Nick Beams
Global stock exchanges appear to have weathered the initial shock wave from the powerful “no” vote in the Greek referendum, largely in the belief that the Syriza-led government is even more anxious to secure an agreement with the European Union and the International Monetary Fund to impose austerity. At the same time, however, the financial markets could soon be hit …
On Brink of ‘Irreparable Split’ Between Rich and Poor Nations, European Leaders Scramble – Lauren McCauley
In the wake of Greece’s historic ‘No’ vote this weekend, European leaders are scrambling to cement a new deal after the resounding rejection of the austerity program that has heretofore dominated fiscal policy and conversation. European Parliament President Martin Schulz confirmed that Greek Prime Minister Alexis Tsipras will address parliament plenary on Wednesday morning. Tsipras is expected to put forth a new …
Financial Nonsense Overload – Dmitry Orlov
“Those whom the gods wish to destroy they first make mad” goes a quote wrongly attributed to Euripides. It seems to describe the current state of affairs with regard to the unfolding Greek imbroglio. It is a Greek tragedy all right: we have the various Eurocrats—elected, unelected, and soon-to-be-unelected—stumbling about the stage spewing forth fanciful nonsense, and we have the …
Capitalism’s Self-Revealing Practices by NORMAN POLLACK
Don’t cry for me Argentina (although you might be next), because Greece is at the head of the line. Its mortal sin? Not only the billions owed international creditors, though that infuriates others in the European Union, the European Commission, and the IMF, all shock troops for global capitalism, behind which in each particular as well as the general framework …
GREECE’D: We Voted ‘No’ to slavery, but ‘Yes’ to our chains By Greg Palast
We Greeks have voted ‘No’ to slavery — but ‘Yes’ to our chains. Not surprisingly, by nearly two-to-one, Greeks have overwhelmingly rejected the cruel, economically bonkers “austerity” program required by the European Central Bank in return for an ECB loan to pay Greece’s creditors. In doing so, the Greek people overcame an unprecedented campaign of fear from the Greek and …
HOW EUROPE PLAYED GREECE – Alex Andreou
Do these things, they said, for all our sakes and you will return to prosperity with our help. They lied. “They have decided to strangle us, whether we say yes or no”, said a Greek woman to me yesterday. “The only choice we have is to make it quick or slow. I will vote “oxi” (no). We are economically dead …
Greece – Risk of False-flagging Greece into Submission and Chaos? By Peter Koenig
As we move closer to the 5 July referendum, it becomes clearer every day – Brussels, Washington and Berlin are waging an open “class war” against Greece, because the Greek people, the citizens of a sovereign country – the first democracy in Europe, the country that gave Europe her name – these people have had the audacity to democratically elect …