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Hi, Does anyone have a good, readable summary of the historical background to the Greek debt crisis -- particularly one that it is thorough and analytical but still accessible to those of us with limited knowledge about finance? Thank you, - Amith On Tue, Jun 30, 2015 at 2:03 PM, Dayne Goodwin via Marxism < marxism@lists.csbs.utah.edu> wrote: > ******************** POSTING RULES & NOTES ******************** > #1 YOU MUST clip all extraneous text when replying to a message. > #2 This mail-list, like most, is publicly & permanently archived. > #3 Subscribe and post under an alias if #2 is a concern. > ***************************************************************** > > No to blackmail and compromise with austerity in Greece > Socialist Worker, Britain, June 28 > < > http://www.socialistworker.co.uk/art/40807/No+to+blackmail+and+compromise+with+austerity+in+Greece > > > > The Greek government, led by the left party Syriza, has called a > referendum on the austerity agreement the European Union (EU) and > International Monetary Fund (IMF) are trying to impose. These bodies > hold most of Greece’s foreign debt after bailing out the bankers, and > have pushed through vicious austerity measures in “memorandums” with > previous governments. The vote is set to take place on Sunday of next > week. The following is a statement by the Greek Socialist Workers > Party (SEK). > > *Statement by the Greek Socialist Workers Party* > > We vote NO to the agreement. The government should get back all the > concessions that have been made. > > We need a united front for cancelling the debt, leaving the EU and > nationalising the banks. > > The government has announced a referendum. The massive resistance to > compromise with the blackmailers of the IMF and the EU forced the > government not to sign an agreement. > > This development is a step forward for all those who fought and fight > against the old and new memorandums. > > The dockers who went on strike against the privatisation of Piraeus > port, the hospital workers who went on strike asking for money and > more staff for the health service, the thousands who came out against > the agreement—this is the force that said no to blackmail, no to > compromise. > > Now we must continue to crush the right wing and liberal parties that > are loyal to the Troika and its memorandums. On Sunday vote a massive > No to the agreement. > > But do not stop there. > > We demand that the government of the left proceed directly to > implement the promises it made to the labour movement in order to get > elected. > > Cancel the old and new memorandums, provide work for the unemployed, > increase wages, pensions and money for schools, hospitals, local > governments and pension funds. > > The money to fund them should come from > > Cancelling the debt—here and now, without exceptions. > Nationalising all the banks > Leaving the euro and the EU and embarking on a struggle for workers’ > control > > In this battle we have support from the working class throughout > Europe. They have rallied against the EU and the IMF in all major > cities. > What is needed is the strengthening of the revolutionary left. To > fight together to overturn the agreement and make way for a new > society without the burdens of bankrupt capitalism. > > Do not stop the fight against extortionists and compromises. > > > > Greece imposes capital controls as Troika escalates blackmail > Written by Jorge Martín Monday, 29 June 2015 > In Defense Of Marxism, IMT > < > http://www.marxist.com/greece-imposes-capital-controls-as-troika-escalates-blackmail.htm > . . . > Analysts at JP Morgan, probably summarised the position of big capital > when they said: “We expect the referendum to vote in favour of > accepting the creditors' proposal. Our base case is that Tsipras steps > down as PM, and a unity government is formed which negotiates a deal > with the creditors.” Although when it says “we expect” one should > perhaps read “we hope”. > > … and the government response > > The response of the government was to impose a bank holiday lasting > until 7 July, during which people will only be able to withdraw 60 > euro a day. Capital controls will also prevent any outflow of money > from the country. This was the only possible response to the > provocative moves of the Troika. For the duration of the bank holiday, > public transportation in Athens will be free. > > In announcing these measures, Tsipras made an appeal for calm. He > lambasted the decision of the Troika not to grant Greece a temporary > extension of the bailout: “It is clear that the objective of the > decision of the eurogroup and the ECB is to attempt to blackmail the > will of the Greek people and to hinder democratic processes, namely > the holding of the referendum. They will not succeed. These decisions > will only serve to bring about the very opposite result. They will > further strengthen the resolve of the Greek people to reject the > unacceptable memorandum proposals and the institutions’ ultimatums.” > > This was accompanied by an appeal for the masses to mobilise to > Athens’s Syntagma Square on Monday, June 29. This is completely > correct, as the referendum will be a battle which can not be won on > the ballot box alone, but rather, has to be fought through mass > mobilisation in the streets. > . . . > There is, of course, a mood of uncertainty in Greece today, with banks > closed, some queues at ATMs, a campaign by the powerful capitalist > media to create panic, queues at gas stations and panic shopping at > some supermarkets. The crucial question is however, who will the > people blame for this situation. Opinion polls before the calling of > the referendum showed that a majority, correctly, put the blame on the > Troika. > > There has been a lot of talk about two opinion polls which allegedly > show that the majority of the Greek people favour staying within the > euro and therefore would vote ‘yes’ in the referendum. This is > extremely misleading and does not reflect the real mood. These opinion > polls were carried before the referendum was called, between June 24 > and 26. At that time it seemed that the government and the Troika were > getting close to signing a deal and although the people were aware > that this was not a very good deal, it is understandable that they > considered it as the only option and as ‘better than nothing’. > > That bears no resemblance to the mood after Tsipras announced the > calling of the referendum and denounced the Troika as blackmailers > while explaining the scandalous nature of the proposals which amounted > to yet again, making working people pay for the crisis. > > A young Greek woman interviewed by the Spanish “20 minutos” today put > it in the following way: "I feel like I was entering into a > revolution, like we are going to shown them what we are capable of". > For Marilena, the citizens are not angry, but "ready for a fight". She > said she supports Tsipras "because he has balls" and "we do not accept > the blackmail". She didn't vote in January, but now she feels "our > future is at stake". > > The convening of the referendum has broken the impasse of what seemed > to be endless negotiations and even greater concessions on the part of > the government to the Troika, to be followed by even harsher demands. > Now the camps are clear and they are lining up for a clash. The morale > of the troops is all important in any war and will be decisive also on > Sunday, July 5th. > > The KKE and the referendum > > In this respect it is worth commenting on the position taken by the > Communist Party (KKE), which is one of rejecting the referendum as a > false dilemma and calling for a spoilt vote. The Communist Party of > Greece is a sizeable organisation with many excellent working class > and youth militants, with a significant influence amongst the > organised working class. On Friday, June 26, it was able to call a > large demonstration against the latest deal which was being negotiated > by the Troika and the government. Their arguments against both the > ultimatum and the government proposals to the Troika are completely > correct. There is nothing to choose between those two. > > However, at a time when the Greek people are being divided into two > opposite camps, one supporting the Troika ultimatum, the continuation > of austerity, and the other opposing it, the position of the KKE is to > stay aloof from this battle, which they consider phony. While it is > true that Tsipras regards this conflict as a way of getting a stronger > hand at the negotiations, people perceive it is as a chance to deliver > a blow against the Troika. In order for revolutionaries to win over > the masses of working people, they need to be able to relate to this > mood and help the people draw all the necessary conclusions. This > would be a genuine Leninist policy, as for instance implemented > against the Kornilov coup in 1917 or as advocated by Lenin in “Left > Wing Communism”. The opposite is the sectarian madness of the “third > period” policies of the Communist International between 1928 to 1933 > which has disastrous results. > > If the KKE leadership continues with these policies towards the > referendum, it will lose another large chunk of its voters and > members, as was the case as a result of its sectarianism in the two > parliamentary elections in 2012, when the party went from 8.5 to 5% of > the vote. > > What we are saying is not that the KKE should suspend its criticism of > the Syriza leadership and its utopian idea that a deal with the Troika > was possible. On the contrary. That criticism is correct and should be > maintained (as the Communist Tendency of Syriza has consistently > done). What the KKE leadership should say to the hundreds of thousands > who will be mobilised in the course of the week to oppose the Troika’s > ultimatum is: “we are with you, we will fight shoulder to shoulder > against the Troika, but we have no trust in the leadership of Syriza, > even if we win the referendum, in order to end austerity we must > repudiate the debt and break with capitalism.” > > Which way forward? > > In his televised address to the nation on Sunday night, Tsipras > appealed for calm, as well as announcing capital controls. But it is > not enough to appeal for calm in the face of the sabotage of the > Troika and their allies in Greece, the Greek capitalist class. The > defensive measures taken by the government are necessary, but not > enough. The people need to be reassured that their savings are safe, > that their wages and pensions are going to be paid and that there is a > government prepared to take any measures necessary to defend their > livelihoods. > > As well as a bank holiday and capital controls, the government should > declare the immediate expropriation of all banks, as a way of > safeguarding the deposits of small savers. But the banks are bankrupt, > in effect. The government is also bankrupt. Even the latest proposal > of an €8bn package of savings and increased revenue would have only > guaranteed a 1% primary budget surplus (that is, before debt > repayment). The only way for the government to have the necessary > amount of money to pay for wages and pensions and keep the basic state > functions running is by seizing the assets of the capitalists. > > The need to bring the key sectors of the economy under collective > ownership is not some utopian demand, but a concrete necessity > dictated by the situation. > > Contrary to the illusions of some in the Greek left (the main > spokespersons of Syriza’s Left Platform included), the exit from the > euro might be necessary and perhaps inevitable at this stage, but it > is not a solution, nor a way forward, on a capitalist basis. The > restoration of a Greek currency on the basis of capitalism would > immediately mean a massive devaluation, trade restrictions on the part > of the EU, hyperinflation and a frightful deepening of the economic > recession. > > Yes, deals might be arrived at with Russia, China and even Venezuela. > These, however would be limited in scope and also come with strings > attached. Russia and China are already involved in some of the > privatisation processes and would demand their continuation, which > would go against the January 25 mandate. The Greek economy has become > linked to that of the EU and would be severely dislocated by Grexit. > > The justified fear of economic collapse once the country is expelled > from the euro will be an important factor in the referendum. Only by > taking decisive action to bring the economy under state control and > starting to put under democratic control and planning, can the > government combat such fears. > > By delivering decisive blows against capitalism (expropriation of > capitalist assets, unilateral repudiation of the debt, extension the > emergency program of social rescue, etc.), Syriza would be able to > consolidate and extend the mood of defiance as well as arousing the > enthusiastic support of working people throughout Europe who already > feel an instinctive solidarity with the Greek people faced with the > impositions of the Troika. > > _________________________________________________________ > Full posting guidelines at: http://www.marxmail.org/sub.htm > Set your options at: > http://lists.csbs.utah.edu/options/marxism/amithrgupta%40gmail.com _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
