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James Galbraith: Greek Revolt Threatens Entire Neoliberal Project. Photo Credit: Shutterstock James K. Galbraith, author of The End of Normal and professor at the Lyndon B. Johnson School of Public Affairs at UT Austin, has an inside view of the crisis leading to the recent referendum in Greece. Galbraith has worked for the past several years with recently departed Greek finance minister Yanis Varoufakis as both a colleague and co-author, and he has just returned from Greece, where he looked down over the rooftops of Syntagma Square as citizens made history in a strong vote against austerity.

He discusses the last week’s dramatic turn of events and what is at stake going forward as the austerity doctrine — and the entire neoliberal project — come under threat. Shop ▾ Lynn Parramore: What’s your take on the attitudes of the creditor powers — the European Central Bank (ECB), International Monetary Fund (IMF) and European Commission (EC) — toward Greece? LP: Have the individual creditors differed on how to treat Greece? JG: That’s a difficult question.

Ending Greece’s Bleeding. Europe dodged a bullet on Sunday. Confounding many predictions, Greek voters strongly supported their government’s rejection of creditor demands. And even the most ardent supporters of European union should be breathing a sigh of relief. Of course, that’s not the way the creditors would have you see it. Their story, echoed by many in the business press, is that the failure of their attempt to bully Greece into acquiescence was a triumph of irrationality and irresponsibility over sound technocratic advice. But the campaign of bullying — the attempt to terrify Greeks by cutting off bank financing and threatening general chaos, all with the almost open goal of pushing the current leftist government out of office — was a shameful moment in a Europe that claims to believe in democratic principles. What’s more, they weren’t. But how can such an escape be managed? The most immediate question involves Greek banks. Greece: Only the 'No' Can Save the Euro.

AP Photo/Petros Karadjias Pedestrians walk by posters for the NO vote in the upcoming referendum, in central Athens, on Wednesday, July 1, 2015. Greece is heading toward a referendum on Sunday on which the future of the country and its elected government will depend, and with the fate of the euro and the European Union also in the balance.

At present writing, Greece has missed a payment to the IMF, negotiations have broken off, and the great and good are writing off the Greek government and calling for a “Yes” vote, accepting the creditors' terms for “reform,” in order to “save the euro.” In all of these judgments, they are, not for the first time, mistaken. To understand the bitter fight, it helps first to realize that the leaders of today's Europe are shallow, cloistered people, preoccupied with their local politics and unequipped, morally or intellectually, to cope with a continental problem. The creditors rejected even this. In fact, neither the euro nor the EU is at issue. Comments. The Greek people voted against austerity – why is the EU ignoring this? | John Redwood.

I am not a natural Syriza voter, but the words and deeds of the EU towards Greece are enough to provoke me to sympathise with the Greek people and their government over austerity. Greece has lost a quarter of its national income and output since 2007. That means, on average, a Greek citizen who was earning €10,000 (£7,000) in 2007 is today, after wage cuts, on €7,500 (£5,300). This is a crude average, so in practice many have suffered larger cuts as they have lost their jobs, or were on higher public sector pay, which has been cut more.

The joint approach of the EU and the IMF is to cut public spending, reduce public sector wages and pensions, and cut the public sector workforce. Trapped in the euro, Greece can neither devalue nor increase the money in circulation. I feel passionately that if an economic policy creates mass unemployment and crushes living standards it should be changed. The left and I might not agree on what would propel Greece back to prosperity. Greece: Think Flows, Not Stocks. How should we think about the bargaining that may or may not now take place between the new Greek government and the troika? (No bargaining if the troika basically says no concessions.) Most discussion is framed in terms of what happens to the debt. But as both Daniel Davies and James Galbraith point out — with very different de facto value judgments, but never mind for now — at this point Greek debt, measured as a stock, is not a very meaningful number.

After all, the great bulk of the debt is now officially held, the interest rate bears little relationship to market prices, and the interest payments come in part out of funds lent by the creditors. In a sense the debt is an accounting fiction; it’s whatever the governments trying to dictate terms to Greece decide to say it is. OK, I know it’s not quite that simple — debt as a number has political and psychological importance.

OK, I know it’s not quite that simple — debt as a number has political and psychological importance. Let Greece profit from German history | Jeffrey Sachs. The overwhelming truth about the Greek debt crisis is that it’s a massive distraction. Greece accounts for a mere 2% of the eurozone economy and the EU population. This doesn’t mean that Greece should be pushed around, still less pushed out of the eurozone. It means the very opposite: the crisis should be resolved, and largely on Greece’s terms. The problem with a currency union is that seeds of doubt can destroy the economic area, if not the common currency. These doubts don’t just fester; they lead to capital flight that in turn aggravates the very doubts that prompted them.

Anybody who does the Greek debt arithmetic (and it sometimes seems that in Berlin nobody actually does) knows that it cannot repay its external debts, now around 170% of GDP, without a level of pain that is simply beyond the tolerance of democratic societies. And his answer: “In short, I do not believe that any of these tributes will continue to be paid, at the best, for more than a very few years.

Appeal - CHANGE GREECE-CHANGE EUROPE-CHANGE 4ALLCHANGE GREECE-CHANGE EUROPE-CHANGE 4ALL | CHANGE GREECE-CHANGE EUROPE-CHANGE 4ALL. Greek Crisis and the Dark Clouds Over the American Economy: An Interview With Dimitri B. Papadimitriou. (Image: Theophilos Papadopoulos) Truthout readers like you made this story possible. Can you help sustain our work with a tax-deductible donation? Is the Greek crisis nearly over as the International Monetary Fund, the European Commission and the Greek government like to proclaim because of the sharp decline in Greek bond yields, the attainment of a primary surplus and an increase in foreign tourism?

If so, what about the 27.2 per cent of the population that remains unemployed and the widespread poverty across the nation, the ever growing public debt ratio and the dismal state of Greek exports? And what about the United States? C.J. Dimitri B. The budget surplus was achieved at the cost of creating many damaged lives. We should be reminded that both Germany and Italy just recently showed negative growth of output, while France is stagnating. There is no puzzle in the "Missing Greek Exports. " The short answer is yes, most definitely. Are you optimistic about the future of the eurozone? Greece doesn't need yet another 'rescue' package – it needs a way out | Costas Lapavitsas. Greece has become a major issue in the German elections, as politicians debate the effectiveness of EU intervention, including the likely waste of German taxpayers' money.

Wolfgang Schäuble, the powerful minister of finance, has openly stated that there will have to be another package for Greece, although the sums are likely to be small. The IMF, meanwhile, has been pushing the EU to accept a restructuring of Greek debt. The debate has also been echoed in Greece, with government sources hinting at some lessening of the burden of debt after the German election, the banking lobby arguing against debt restructuring and the opposition decrying the intervention altogether. There is no doubt that the Greek programme has failed. In 2010 Greek public debt was just over €300bn, mostly privately held, two thirds of it by lenders abroad and governed by Greek law. The "rescue" programme has already included a restructuring of Greek debt.

The real problem, however, is longer term. Schuldenerlass: Wie Griechenland bei der Rettung Deutschlands half | Schuldenkrise  04. Februar 2012 Hermann Josef Abs (Mitte) besiegelt die Entschuldung Deutschlands. Foto: dpa Nach dem Zweiten Weltkrieg erließen 65 Staaten der Bundesrepublik einen Großteil der Schulden, unter ihnen auch Griechenland. Verschoben Verhandlungen: Der Schuldenerlass für Griechenland zieht sich weiter hin: Ein für Montag geplantes Treffen der Euro-Finanzminister in Brüssel wurde am Freitag wieder verschoben. Die Verhandlungen über einen Schuldenerlass für Griechenland sind in der letzten Runde. Finanzminister Fritz Schäffer hatte den deutschen Verhandlungsleiter Hermann Josef Abs gewarnt: Mit den Verhandlungen über die Regelung der Altschulden übernehme er eine undankbare Aufgabe.

Heute ist jedoch klar: Die Bundesrepublik erzielte einen außergewöhnlichen Erfolg, spendiert von den USA. Bereits in den 20er und 30er Jahren hatten die Gläubiger auf Druck der USA ihre Forderungen um viele Milliarden Mark gesenkt. Der schwarze Freitag 1929 Die Goldenen 20er finden ein jähes Ende. Foto: dpa « zurück. Greece might stop paying salaries by summer - Features. Greece's austerity policies could create a crisis of insolvency within the country, undermining the very reason they were implemented - to repay the country's debt - says the country's biggest labour confederation. "I am afraid that we may see a phenomenon that could cause a social explosion," says Savvas Robolis, scientific director for the Labour Institute of the General Confederation of Workers in Greece (GSEE), the private sector's confederation of unions.

"Right now many people can't pay their taxes. That's why state revenue fell 300 million euros ($395m) short of January targets. If that continues, I don't know if the state will be able to meet its obligations by June or July. It may not have the cash to pay salaries and pensions. " The state heavily subsidises approximately 1.3 million pensions, according to finance ministry data. Pensions and salaries have already been cut by 40 percent during the crisis, says GSEE's Labour Institute. The squeeze is causing chronic pain. Greece hit by fresh anti-austerity strike - Europe. Thousands of anti-austerity demonstrators took to the streets of Athens on Wednesday as unions staged a general strike to protest the government's spending cuts and tax hikes, which some predict will push unemployment to a stunning 30 percent this year.

The 24-hour walkout disrupted flights, kept ferries and long-distance trains idle and crippled public services. It was the first general strike of the year, renewing confrontation between labor groups and the conservative-led government that has pursued punishing austerity policies to cut debt, a key condition imposed by international bailout creditors. State schools and tax offices closed down, public hospitals functioned on emergency staff, court cases were stalled as lawyers walked off the job, and even neighborhood street fruit and vegetable markets were cancelled.

Private doctors and dentists also joined the strike. Previous protests have been marred by clashes between riot police and masked youths armed with fire bombs and stones. Wirtschaftskrise: Jugendarbeitslosigkeit in Griechenland steigt auf 60 Prozent | Wirtschaft. Die Arbeitslosenquote in Griechenland steigt immer weiter in Richtung der 30-Prozent-Marke. Bei jungen Griechen unter 24 Jahren ist die Situation besonders dramatisch.

Speichern Drucken Twitter Facebook Google + Eine Jobmesse für junge Arbeitsuchende in Athen | © Louisa Gouliamaki/AFP/GettyImages Die Jugendarbeitslosigkeit in Griechenland hat einen neuen dramatischen Rekordwert erreicht: Knapp 62 Prozent der jungen Menschen unter 24 Jahren hatten im November vergangenen Jahres keinen Job. Insgesamt stieg die Arbeitslosenquote im Vergleich zu Oktober von 26,8 auf 27 Prozent. Anzeige Die griechische Wirtschaft schrumpfte 2012 den Statistikern zufolge um 6,5 Prozent. Arbeitslosenhilfe für ein Jahr Das Arbeitsinstitut des griechischen Gewerkschaft-Dachverbandes (GSEE) warnte vor einer weiteren Verschlechterung am Arbeitsmarkt.

In Griechenland ist die Arbeitslosenhilfe bisher auf ein Jahr begrenzt. Greece: Unemployment rate. Interview: "Man hat überhaupt nicht vorgehabt, Griechenland zu retten" | ARTE Journal | Welt | de. Greek Tragedy Turns to Farce. Griechenland als Exempel. Von David Stuckler und Sanjay Basu Im April 2012 wurde in Griechenland ein Gesetz verabschiedet, das es dem Gesundheitsministerium ermöglicht, Bürger auf Geschlechtskrankheiten zu testen – auch ohne deren Einwilligung. Das neue Gesetz war eine Reaktion auf Berichte von Krankenhäusern und Arztpraxen in ganz Griechenland, wonach die Zahl der HIV-Neuinfektionen allein zwischen Januar und Mai 2011 um 52 Prozent emporgeschnellt war.

Einen derart drastischen Anstieg hatte es seit mehr als zehn Jahren in keinem westeuropäischen Land gegeben.[1] Die Nachricht von der HIV-Epidemie in Griechenland machte international Schlagzeilen. Da die hart umkämpften griechischen Parlamentswahlen unmittelbar bevorstanden, sah sich der griechische Gesundheitsminister Andreas Loverdos gezwungen zu reagieren. Loverdos bezeichnete Prostituierte als „Bedrohung für die Gesellschaft“ und „Virenschleudern“ und erklärte feierlich, sie hinter Gitter zu bringen. Die ausgesetzte Demokratie Ärzte „im Untergrund“

What caused the Greek export surge? « Real-World Economics Review Blog. Greece’s budget deficit for 2012 is already €1bn bigger than expected. Greece's finance minister Evangelos Venizelos: Greece's budget deficit for January was €1 billion larger than anticipated, and is likely to get worse. Image: Dimitri Messinis/AP THE GREEK GOVERNMENT has announced that its income for the first month of the year was €1 billion lower than expected.

Greek news site Ekathimerini reports that data published by the Ministry of Finance this morning showed that the government’s revenues for January were down by 7 per cent on the same period last year. That contrasts with Budget projections which had anticipated an 8.9 per cent increase on last year’s income – leaving a gap of €1 billion more than the budget had expected. The Budget, presented by the cabinet of technocrat prime minister Lucas Papademos in November, had actually projected a surplus for the year – but that achievement now seems particularly unlikely. Read: Stocks rise on news of Greek parliament’s approval of austerity measures More: Greece cannot become a ‘bottomless pit’ – Germany. Shame on Europe for betraying Greece | William Wall.

'We condemn Greece to misery and poverty to keep Standard & Poor’s off our backs. But we have miscalculated.' Photograph: Argyropoulos/Sipa/Rex Features The behaviour of the EU states towards Greece is inexplicable in the terms in which the EU defines itself. It is, first and foremost, a failure of solidarity. The "austerity package", as the newspapers like to call it, seeks to impose on Greece terms that no people can accept. In addition the "package" demands cuts to pensions and public service pay, wholesale privatisation of state assets – a fire-sale, since the global market is close to rock bottom – and cuts to public services including health, social welfare and education.

When we casually use a term like "bailout", it is important to remember that it is not people who are being bailed out, or at least not the Greek people. On top of this callousness, we must remember that the strategy itself is nonsense. Now we see capitalism at its most triumphant. European authorities still punishing Greece - can they be stopped? - Opinion. Greece is being destroyed by 'respectable' fanatics | Nick Cohen | Comment is free | The Observer. IMF to Admit Mistakes on Greece Bailout. Athens Burning. A personal journey to the heart of Greece’s darkness. Krise in Griechenland: Eine Gesellschaft stürzt ins Bodenlose - Debatten. Russia seeks to privatize its suffering ‘friend’ Greece — RT Business.

Germany's Carthaginian terms for Greece. Troubled Greece: fears of 'first domino' to fall as austerity is counted a failure | World news. Greece on the breadline: Stories of self help. Venus of Competitiveness. Greece: A debt colony, shackled to its lenders - Opinion.