By Jane West
As the Euro-crisis unfolds and Greece heads to new elections, the left party, Syriza is capturing the support of most of those in Greece who want to reject the austerity programme imposed by the EU.
It is striking that the impact of the world developments, and particularly the growth of the left in Latin America, has clearly interacted with this political leadership of resistance to austerity in Greece. It was recently reported in the Guardian, of Syriza's leader, Alexis Tsipras: 'one of his heroes is Venezuelan leader Hugo Chávez, with whom he shares the same birthday.'
By Stephen MacAvoy
George Osborne’s latest budget launched another assault on living standards of millions of people whilst defending narrow interests and further entrenched the policies that are creating economic stagnation. Only a clear break with these policies will prevent a detrimental impact on the living standards of the majority and years of slow growth.
By Jane West
While it is welcome that Stephen Hester, CEO of the publicly-owned Royal Bank of Scotland (RBS) has been forced to forego his grotesquely inflated bonus – and that his predecessor Fred ‘the Shred’ Goodwin has been stripped of his knighthood – the truth is the whole furore has been used to divert attention from the most central issue and real scandal relating to the banks.
By James Wilkins
The latest economic figures showing that the British economy shrank in the last quarter of 2011 underlines the damage that Tory economic policy is causing – both to growth and living standards. A clear alternative to its ‘austerity’ policies is needed, but the Labour front bench’s recent further capitulation to the Tory economic framework weakens both the struggle for such an alternative and its own electoral position.
By Brian Jowells
In a serious admission the Financial Times, which cannot be accused of pro-socialist bias, has set out the facts on how capitalism, at least in the imperialist economies, now makes you worse off. In an article under the title ‘Spectre of stagnating incomes stalks globe’ it notes:
‘In the postwar years, there was a belief in developed economies that each generation could expect to have materially better living standards than their parents. Yet the outlook for income growth has rarely looked worse than it does today…
By Nicky Dempsey
Open disagreements have broken out between the EU Commission and the European Central Bank on the issue of whether Greek government debt should be ‘restructured’ or ‘reprofiled’ in some way. Debt restructuring would require that the bondholders, mainly European (including British) banks, take some losses on their bonds by having their value written down. ‘Reprofiling’ is a much more modest proposal which may involve little more than extending the life of the bonds, so that interest and capital repayments are drawn out over time.
By Nicky Dempsey
The lies and hypocrisy of the Tory-led government on the cuts has been made crystal clear by the military assault on Libya. This is financed without a second thought, but we are told the country is broke, the money has ‘run-out’ and that our services, benefits, wages and jobs must all be cut to pay for the crisis. This same hypocrisy is being peddled in the US, France and the other imperialist countries participating in this war.
The following extracts are from an interview with Professor Jose Bell Lara, of the Faculty of Social Sciences, University of Havana. The full interview first appeared on Links: international journal of socialist renewal.
By Brian George
Photo hoyasmeg/James Emery
There has been extensive coverage of the news that Cuba is to reduce state sector employment by half a million and transfer these workers to the non-state, including the private, sectors. Some of this comment, for example in the Financial Times and Wall Street Journal, interprets this as a move towards capitalism and free markets. More accurate and sophisticated analysis has been given by Latin American specialists. (Also see previous articles on this website here and here.)
By Brian George
Photo: Fredo_photo.
That the Financial Times and Wall Street Journal should wishfully, and inaccurately, hope Cuba’s recent economic policy changes represent an embrace of capitalism is not surprising. But in addition to this hostile analysis there has also been comment on these new economic policies that comes from friends of Cuba. As it comes from friends, the following comments are also meant strictly in that light of friendly discussion.
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