The Coalition of Resistance and the People’s Charter are appealing for support for a campaign against the extreme ‘austerity’ measures being imposed on the Greek population.
The statement, set out below, should be given widespread backing and can be signed here.
By Tom O’Donnell
The foolish vanity that the current crisis in the European economy and financial markets was confined to the so-called ‘peripheral’ economies of the Euro Zone has been exposed as complacent self-delusion. Among the recent development the large Belgian-French-Luxembourg bank Dexia is threatened with bankruptcy despite already having been bailed out by the governments. Crucially, yields on French and Belgian government debt have climbed to reflect the increased risk of taxpayer funds being used for further bank bailouts. Their yield premia over Germany is now equivalent to the premium paid by Irish and Greek governments as the crisis began to unfold. The crisis has migrated from the ‘periphery’ to the ‘core’.
By Tom O’Donnell
The outcome of the latest EU summit is an unqualified success for the German bourgeoisie against both its external competition in the United States and its internal rivals, especially President Sarkozy. However, it is unlikely that this will bring an end to the European crisis and further decisive measures will be required.
By Brian Jones
The working class of Greece obviously still faces a huge uphill fight against the savage austerity measures being imposed on them to pay for the crisis created by the Greek capitalist class. The new ‘bailout’ package for Greece agreed by the Eurozone countries only represents the mildest of ameliorations of the terms of the previous such package – 21 per cent effective reduction in the size of debt on Greece’s bonds, reduction of interest rate for bailout funds from 5.5 per cent to 3.5 per cent, and extension of the period of repayment. But nevertheless it contains a crucial lesson – struggle pays.
By Nicky Dempsey
European Finance Ministers have just agreed to release their share of the latest bail-out funds of Greece’s creditors. This amounts to €8.7bn of a total emergency disbursement of €12bn, part of the overall €110bn agreed last year.
By Andrew Williams
A wave of industrial action and street protests has spread across Greece over the last month as opposition mounts to the government’s proposed next round of cuts and attacks on living standards.
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