photo by: mkhalili

Step forward in Greece as voters reject austerity

12th May 2012 Socialist Action 0

By Nicky Dempsey

The outcome of the Greek elections represents a decisive popular break with the politics of austerity. Persistent mass mobilisations over several years since the crisis began have resulted in a crushing defeat for the traditionally dominant parties in Greek politics. Parties who in different ways claimed to be opposed to the terms of the Greek bailout won a majority. After a prolonged period in Europe in which ruling parties carrying out cuts have been dumped at the first electoral opportunity, this is the first time since the crisis began that any country has registered a majority vote for parties against austerity.

Photo: Christina Kekka

Solidarity with the people of Greece

14th February 2012 Socialist Action 0

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.

Photo by Saikofish

The latest phase of the Euro crisis

10th October 2011 Socialist Action 0

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’.

Photo: World Economic Forum

What’s at Stake in the EU Crisis?

25th July 2011 Socialist Action 0

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.

Photo: endiaferon

Greek workers struggle wins first partial victory for themselves, Ireland and Portugal

25th July 2011 Socialist Action 0

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.