Harsh austerity hits Greeks once again
volume 37
issue 3
June 2016

Capitalism cannot solve the disasters it creates. Look at Greece. In response to a July deadline to repay 11 billion euros in loans, Eurozone financiers want the destitute nation to deepen her grave by accepting another bailout and more austerity. Yet, 95 percent of the funds Greece has received since economic collapse in 2010 have gone to banks to pay down previous bailouts!

Stripped of democracy and property, her people bled dry, Greece is in essence a colony of the European Union (EU). The situation is so dire the International Monetary Fund balks at further loans, doubting Greece could repay them, and the U.S. Secretary of the Treasury supports debt relief!

A second crisis washed up on Greek shores: thousands of refugees displaced by capitalism’s wars in the Middle East. The EU’s solution? Threaten Greece and Turkey to secure their borders. To their credit, Greeks have rejected the xenophobia gripping much of Europe and welcomed their fellow victims of imperialism.

European financiers are jittery; they need Athens’ cooperation with the refugee flood, and Great Britain votes in June on leaving the EU. This may give Greece leverage to negotiate, but the only permanent solution is to cancel the debt and get off the capitalist treadmill.

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