How Europe Played Greece
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 anyway. I might as well have my conscience clear and my pride intact."
Her view is not atypical among friends and relations I have canvassed in the last few days. Trust has evaporated. Faith in European Institutions is thin on the ground. Lines have been crossed. At times of financial strain, a country's currency issuer, its central bank, should act as lender of last resort and prime technocratic negotiator. In Greece's case, the European Central Bank, sits on the same side as the creditors; acts as their enforcer. This is unprecedented.
The ECB has acted to asphyxiate the Greek economy - the ultimate blackmail to force subordination. The money is there, in our accounts, but we cannot have access to it, because the overseers of our own banking system, the very people who some months ago issued guarantees of liquidity, have decided to deny liquidity. We have phantom money, but no real money. There is a terrifying poetry to that, since the entire crisis was caused by too much phantom money in the first place.
Read the complete version of this article, and support quality analysis of the ongoing crisis in Greece, at the Byline.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
"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 anyway. I might as well have my conscience clear and my pride intact."
Her view is not atypical among friends and relations I have canvassed in the last few days. Trust has evaporated. Faith in European Institutions is thin on the ground. Lines have been crossed. At times of financial strain, a country's currency issuer, its central bank, should act as lender of last resort and prime technocratic negotiator. In Greece's case, the European Central Bank, sits on the same side as the creditors; acts as their enforcer. This is unprecedented.
The ECB has acted to asphyxiate the Greek economy - the ultimate blackmail to force subordination. The money is there, in our accounts, but we cannot have access to it, because the overseers of our own banking system, the very people who some months ago issued guarantees of liquidity, have decided to deny liquidity. We have phantom money, but no real money. There is a terrifying poetry to that, since the entire crisis was caused by too much phantom money in the first place.
Read the complete version of this article, and support quality analysis of the ongoing crisis in Greece, at the Byline.
"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 anyway. I might as well have my conscience clear and my pride intact."
Her view is not atypical among friends and relations I have canvassed in the last few days. Trust has evaporated. Faith in European Institutions is thin on the ground. Lines have been crossed. At times of financial strain, a country's currency issuer, its central bank, should act as lender of last resort and prime technocratic negotiator. In Greece's case, the European Central Bank, sits on the same side as the creditors; acts as their enforcer. This is unprecedented.
The ECB has acted to asphyxiate the Greek economy - the ultimate blackmail to force subordination. The money is there, in our accounts, but we cannot have access to it, because the overseers of our own banking system, the very people who some months ago issued guarantees of liquidity, have decided to deny liquidity. We have phantom money, but no real money. There is a terrifying poetry to that, since the entire crisis was caused by too much phantom money in the first place.
Read the complete version of this article, and support quality analysis of the ongoing crisis in Greece, at the Byline.