Sunday, September 25, 2011

No alternatives?

Let’s get this straight. The Greek economy — and with it the Euro — is disintegrating because Greek politicians are implementing austerity, not because they are failing to.
Ann Pettifor
Despite all this, we should remember that Greece represents a mere 2% of the European economy. It is just not worth this huge polarising crisis or incredible psychodrama. The Germans and the European Central Bank are treating this not as a straightforward economic issue of indebtedness and default but as a morality play in which the Greeks must be punished.
Susan George 
 Greece's great economic crisis has been a gradual war of attrition. Massive job losses, tax increases and galloping inflation have sapped the nation's energy and, increasingly, Greeks no longer believe what their politicians say. With cuts instead being blamed for slashing consumption, deepening recession and missing deficit-reducing goals, austerity is seen as a pointless exercise that far from exiting the country from crisis has exacerbated its plight.
Helena Smith
Austerity is not the only option, it is a choice to make the poor pay for a crisis they did not cause.
Owen Tudor
The problem has been the unwillingness to refinance first Greece, then Ireland, then Portugal. Their share in the euro area public debt to GDP ratio is ridiculously low:  cancelling the debt would have been less painful.
Riccardo Bellofiore

There are choices, but they are not easy.


The Cheshire Cat said...

Excellent post

And a reminder to everyone of the UK 1980's overused 'No alternative' rant justification for mass unemployment. There are always alternatives.

Anton Deque said...

There is always a future, barring an astronomical encounter of final kind. These debts (not owed by the many) can be re-sheduled and paid over a longer time frame. I fail to understand how everyone can be so easily panicked. Of course, those who made these debts possible by inventing money they did not in fact ever possess have an interest in trying to make the racket work over the short term. The Greeks are correct. Don't play along.