NOVEMBER 5, 20212 – An economic crisis of enormous proportions has erupted in a first world country in the Global North. The scale of the economic crisis in Greece has few modern equivalents, and is at the root of a massive social and political upheaval. Navigating that crisis poses difficult challenges for the social movements in Greece, and has important lessons for activists around the world. The notes that follow are an attempt to provide information that can assist those, unfamiliar with the situation in Greece, in navigating this situation. Notes on Greece 1: Economic crisis The economic crisis in…
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OCTOBER 17, 2012 – Thursday October 11, International Monetary Fund (IMF) managing director Christine Lagarde said that both Greece and Spain should slow down their cuts to government spending. Well, not exactly. Her exact words were: “time is of the essence, meaning that instead of frontloading heavily, it is sometimes better, given circumstances and the fact that many countries at the same time go through that same set of policies with a view to reducing their deficit, it is sometimes better to have a bit more time” (Lagarde 2012). On its face, this makes little sense. But after wading through…
Comments closedWorkers receiving minimum wage in Greece, are about to receive a 20% pay cut. Pensioners in Greece are about to see their monthly cheques sharply reduced. Public sector workers in Greece are bracing for 15,000 layoffs. These are just some of the consequences of the “bailout” of the Greek economy, organized by the so-called “troika” – the European Commission, the European Central Bank and the International Monetary Fund (Ziotis 2012). In return for drastic cuts in services and jobs, Greece will receive €130-billion ($175-billion) to prevent a default on looming payments required to service its government debt load of some…
Comments closedThe bailout of the debt-ridden Greek government seems finally to be complete. The European Union (EU) – most centrally the French and German treasuries – along with the International Monetary Fund (IMF) will provide €110-billion ($150-billion) in emergency loans. The price for these loans will be high. Along with steep tax increases and cuts in spending, the loans are conditional on a public sector wage freeze being extended through to 2014.[1] This is in reality a wage cut, as there will be drastic changes to the so-called “bonuses” – holiday pay that has become an essential part of the income…
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