Tag Archives: Grexit

The Delphi Declaration and Grexit

Michael Hudson, economist and historian, records the decision of those who  gathered at Delphi in Greece on 22nd June 2015. The Declaration makes it very clear which  way Greeks need to  vote in their referendum in a  weeks time: to  remain  with austerity and the Euro, or to  depart; to decide whether  to  continue down the dead-end street of community’s lives being ruled by  bankers and economists, or to  choose community collaboration, democracy  and consensus politics…

As Steve Keen  makes it very  clear, the Troika’s ambition is nothing less than the overthrow of an elected (Greek ) government by imposing impossible conditions  that have resulted ,  and will  continue to result, in  the total  impoverishment of all Greeks (barring the very  wealthy) . Leaked IMF documents show clearly that  even  the IMF acknowledges that  its proposed austerity measures will leave  Greece with unsustainable debt  by  2030.

And David Stockman argues, Prime Minister Tsipras’ stand against  the Troika may signal  a long overdue  restructuring of the financial markets globally.

Finally;  it may be useful  to  read William Polk’s very  short outline  of the modern  Greek  nation, to  put things into  some perspective along with  Michael Hudson and William Black’s extremely damning  analysis  from the University of Missouri of the financial situation in Greece leading up to   the Greek referendum on  Sunday July 5th  2015.


Postscript

With more than 60% of the Greek  voting populatoin rejecting further EU imposed austerity, more economists and  political  advisors appear to be coming out of the woodwork  to  reject  the insanity  of further sausterity on  a country already  on its knees.

Read  this proclamation from  Professor Thomas Piketty  and others  here

And, subsequent to  the Greek Government’s further  round of capitulation to  the EU, we have Peter Tenebrarum’s likely accurate assessment of where the sudden EU push for Greek Debt Relief is coming from…

And, subsequent to  the draconian and childishly vindictive response by  the German austerity kings and queens on 14th July , we have Larry Elliott’s analysis of why this new round of debt relief is doomed to  fail.  And here is  a precis of the Greek ex-finance minister Yanis Varoufakis’  take on proceedings in Brussels.

In addition, as Ambrose Evans-Pritchard of the Telegraph notes 15/7/15 , the IMF  ( and almost every  significant ecomomist) is again noting the complete implausability and craziness of the  ongoing austerity process imposed on Greece. The complete incompetence of the Eurozone leadership is revealed to  all.  What may  benefit Germany in the short-term, will  inevitably lead to  its downfall in the long-term. The German government is now  70  years later, once more a pariah state.  Total  childish  foolish arrogance and spitefulness once again  dominates the German political  landscape.

As Chris Hedges at Truthdig makes it clear in  the following powerful  paragraph;  the Greeks are not the only ones whose needs are subsumed to the madness of neoliberalism and the ultimate destruction of this planet as it becomes a commodity.

The Greeks and the U.S. working poor endure the same deprivations because they are being assaulted by the same system—corporate capitalism. There are no internal constraints on corporate capitalism. And the few external constraints that existed have been removed. Corporate capitalism, manipulating the world’s most powerful financial institutions, including the Eurogroup, the World Bank, the International Monetary Fund and the Federal Reserve, does what it is designed to do: It turns everything, including human beings and the natural world, into commodities to be exploited until exhaustion or collapse. In the extraction process, labor unions are broken, regulatory agencies are gutted, laws are written by corporate lobbyists to legalize fraud and empower global monopolies, and public utilities are privatized. Secret trade agreements—which even elected officials who view the documents are not allowed to speak about—empower corporate oligarchs to amass even greater power and accrue even greater profits at the expense of workers. To swell its profits, corporate capitalism plunders, represses and drives into bankruptcy individuals, cities, states and governments. It ultimately demolishes the structures and markets that make capitalism possible. But this is of little consolation for those who endure its evil. By the time it slays itself it will have left untold human misery in its wake.


Links

Michael Hudson-The Delphi Declaration
http://www.unz.com/mhudson/the-delphi-declaration/

http://www.paulcraigroberts.org/2015/06/23/delphi-declaration/

http://people.terry.uga.edu/akefalas/delfoi/about.htm

http://www.commondreams.org/news/2015/06/29/no-austerity-tens-thousands-back-syriza-rally-athens

http://www.theguardian.com/commentisfree/2015/jun/29/referendum-greeks-europe-capitalism-greece-eurozone-economic-system

http://www.commondreams.org/news/2015/06/29/anger-aimed-troikas-ruthless-neoliberalism-greece-exit-looms

http://www.commondreams.org/views/2015/06/29/europes-attack-greek-democracy

http://www.forbes.com/sites/stevekeen/2015/06/25/bureaucrazies-versus-democracy/2/

http://davidstockmanscontracorner.com/good-on-you-alexis-tsipras-part-1/

http://www.theguardian.com/business/2015/jun/30/greek-debt-troika-analysis-says-significant-concessions-still-needed

http://www.theguardian.com/commentisfree/2015/jul/01/syriza-cave-in-elites-regime-change  –  Seamus Milne

http://www.scoop.co.nz/stories/HL1507/S00010/currencies-the-rules-of-the-game-applied-to-germany-and-gre.htm   – Keith Rankin

Greece: Only the ‘No’ Can Save the Euro– J. K Galbraith

http://www.unz.com/mhudson/greece-on-behalf-of-europe/  – Michael  Hudson & William K Black

http://www.theguardian.com/world/2015/jul/07/angela-merkel-must-act-now-for-greece-germany-and-the-world

http://www.theguardian.com/world/2015/jul/13/europe-greece-pushed-into-further-peril