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Greece

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IMF's concern about Greek debt is bogus, this is full scale financial war, forcing Greece give up ports, pensions,...
SHARMINI PERIES, TRNN: It's the Real News Network, I'm Sharmini Peries coming to you from Baltimore. Greece's economic crisis has perhaps been eclipsed by Europe's refugee crisis, terrorist attacks, and by the forthcoming Brexit referendum. But it has not gone away. Greece's Syriza coalition faced violence on the streets and a 3 day general strike... Read More
From Hope to Fear and Despair
Introduction: Eight months will have passed since the election of Syriza on January 25 up to the snap elections in September. During that time Syriza’s leaders play-acted their ‘opposition to austerity’ and then knelt down in submission to the ‘Troika’. The contrast between January and now is dramatic: Syriza’s leader, Prime Minister Alexi Tsipras, aroused... Read More
I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service and introduce reforms that loosen the hold the oligarchs... Read More
First as Tragedy, Second as Farce, Thirdly as Vassal State
Introduction: The Greek people’s efforts to end the economic depression, recover their sovereignty and reverse the regressive socio-economic policies, which have drastically reduced living standards, have been thrice denied. First, the denial came as tragedy: When the Greek majority elected Syriza to government and their debts increased, the economy plunged further into depression and unemployment... Read More
We forget that wars in Europe were the norm before the EU
Political crises in the Middle East and North Africa since 2011 have either produced extreme violence or caused countries to dissolve into civil war. The territorial settlement that followed the defeat of the Ottomans in 1918 is collapsing, but there is no clear sign of what will replace it, other than conflicts which nobody knows... Read More
Greece’s lesson for Russia, and for China and Iran, is to avoid all financial relationships with the West. The West simply cannot be trusted. Washington is committed to economic and political hegemony over every other country and uses the Western financial system for asset freezes, confiscations, and sanctions. Countries that have independent foreign policies and... Read More
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The Iran nuclear agreement has less to do with proliferation than it does with geopolitics. The reason Obama wants to ease sanctions on Iran is because he wants to push down oil prices while creating an alternate source of natural gas for Europe. In other words, the real objective here is to hurt Russia which... Read More
All of Europe, and insouciant Americans and Canadians as well, are put on notice by Syriza’s surrender to the agents of the One Percent. The message from the collapse of Syriza is that the social welfare system throughout the West will be dismantled. The Greek prime minister Alexis Tsipras has agreed to the One Percent’s... Read More
The drama over Greece’s financial crisis continues to dominate the headlines. As this column is being written, a deal may have been reached providing Greece with yet another bailout if the Greek government adopts new “austerity” measures. The deal will allow all sides to brag about how they came together to save the Greek economy... Read More
Michael Hudson says unlike personal and corporate debt, there is no legal framework for writing off government debt, so there is deliberate anarchy in place – July 10, 2015 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to the Real News Network. I’m Sharmini Peries coming to you from Baltimore. Greece is in the situation they’re in,... Read More
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Where Do We Go From Here?
The major financial problem tearing economies apart over the past century has lain more with official inter-governmental debt than with private-sector debt. That is why the global economy today faces a similar breakdown to 1929-31, when it became apparent that the volume of official inter-government debts could not be paid. The Versailles Treaty had imposed... Read More
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Greece is the pearl of Mediterranean, the place generations of foreigners from Lord Byron to Graves to Fowles have fallen in love with. From philosophy to feta, from history to yoghurt, from poetry to honey they provided the example to follow. Their priests preserve the pristine faith; their fighters defeated Mussolini; their Helen is the... Read More
I doubt that there will be a Greek exit. The Greek referendum, in which the Greek government’s position easily prevailed, tells the troika (EU Commission, European Central Bank, IMF, with of course Washington as the puppet master) that the Greek people support their government’s position that the years of austerity to which Greece has been... Read More
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Greece Rejects the Troika. Where Do We Go From Here?
Just after 7 PM Greek time on Sunday, I was told that the “No” vote (Gk. Oxi) was winning approximately 60/40. The “opinion polls” showing a dead heat evidently were wrong. Bookies across Europe are reported to be losing their shirts for betting that the financial right wing could fool most Greeks into voting against... Read More
With 90% of the votes counted, the Greek people have voted 61% to 39% against accepting the latest round of austerity that the EU is trying to impose on the Greek people for the benefit of the One Percent. What is amazing is that 39% voted for the One Percent against their own interests. This... Read More
PARIS – As the squalid drama of Greece’s bankruptcy unfolds, many alarmists claim the European Union is about to disintegrate. British and Americans are cheering the ills of the EU. On top of all this, it’s a blazing 39.8 C here in the City of Light. In spite of all the bad news from Greece,... Read More
If you become stuck in a boring July 4 hot air speech, distract yourself with this question: Are the values that Western civilization allegedly represents still extant? You don’t need to get heavy into philosophy. See if you can find any of the professed values reflected in current events. For example, Julian Assange, the founder... Read More
However the Greek crisis ends, whether with Athens leaving the eurozone, or submitting and accepting austerity at the dictates of its creditors, the European Union appears headed for an existential crisis. Greece borrowed and spent beyond its means, like New York City in the '70s, and Detroit, Illinois, and Puerto Rico today. But the crisis... Read More
According to history books, democracy originated in Greece. Of course, historians could be mistaken, but this is the prevailing view among Western populations with enough awareness to be interested to know. What we are witnessing today, July 2, 2015, is that after 2,500 years in the Western World only the current Greek government is interested... Read More
Like Marathon, Thermopylae, Plateau and Mycale roughly 2,500 years ago, Western freedom again depends on Greece. Today Washington and its empire of European vassal states are playing the part of the Persian Empire, and belatedly the Greeks have formed a government, Syriza, that refuses to submit to the Washington Empire. Few people understand that the... Read More
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Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of The Bubble and Beyond and Finance Capitalism and its Discontents. His most recent book is titled Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy. William K. Black, author of... Read More
Back in January upon coming into office, Syriza probably could not have won a referendum on whether to pay or not to pay. It didn’t have a full parliamentary majority, and had to rely on a nationalist party for Tsipras to become prime minister. (That party balked at cutting back Greek military spending, which was... Read More
The Greek debt is unpayable. It is simply too large to be repaid. The austerity that the EU and IMF have imposed on Greece has worsened the problem by driving down the Greek economy, thus making the burden of the debt even heavier. Despite the obvious fact that the EU’s austerity policy is a failure... Read More
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Paul Craig Roberts’ address to the Conference on the European/Russian Crisis, Delphi, Greece, June 20-21, 2015 
Paul Craig Roberts, formerly Assistant Secretary of the US Treasury for Economic Policy, Associate Editor, Wall Street Journal, Senior Research Fellow, Stanford University, William E. Simon Chair in Political Economy, Center for Strategic and International Studies, Georgetown University, Washington,... Read More
Syriza, the new Greek government that intended to rescue Greece from austerity, has come a cropper. The government relied on the good will of its EU “partners,” only to find that its “partners” had no good will. The Greek government did not understand that the only concern was the bottom line, or profits, of those... Read More
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How the ‘Hard Left’ embraces the policies of the Hard Right
Introduction: Greece has been in the headlines of the world’s financial press for the past five months, as a newly elected leftist party, ‘Syriza’, which ostensibly opposes so-called ‘austerity measures’, faces off against the “Troika” (International Monetary Fund, the European Commission and European Central Bank). Early on, the Syriza leadership, headed by Alexis Tsipras, adopted... Read More
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The Saker Interviews Michael Hudson
Cross-posted from The Saker The Saker: We hear that the Ukraine will have to declare a default, but that it will probably be a “technical” default as opposed to an official one. Some say that the decision of the Rada to allow Iatseniuk to chose whom to pay is already such a “technical default”. Is... Read More
Washington in its arrogance, seeing itself as “indispensable,” poses a continuing threat to the lives of hundreds of millions of people. The extraordinary number of dead that Washington has murdered in the 21st century–”The American Century”–is dismissed as “collateral damage” in the “war on terror.” The war on terror is a hoax. It is a... Read More
Introduction: The Greek government is currently locked in a life and death struggle with the elite which dominate the banks and political decision-making centers of the European Union. What are at stake are the livelihoods of 11 million Greek workers, employees and small business people and the viability of the European Union. If the ruling... Read More
Don't Tell Anyone in Berlin
If you haven’t been following developments in the Greek-EU standoff, you’re really missing out. This might be the best story of the year. And what makes it so riveting, is that no one thought that little Greece could face off with the powerful leaders of the EU and make them blink. But that’s exactly what’s... Read More
Monday's Deadline
Monday is a crucial deadline in Greece’s struggle against Brussels-imposed austerity. Eurozone finance ministers are set to meet in the morning to decide whether Greece has made sufficient progress on previous agreements to justify further support. The new leftist government of Greece, Syzira, has rejected provisions in the so-called bailout, saying that the loans have... Read More
Greece’s new Finance Minister is a highly intelligent person. His likes are not to be found in any Western government. As he stands in the way of those who are determined to complete their looting of Greece, the Western looters are out to get him. The BBC, as the interview in the link below demonstrates,... Read More
Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we
Here are some quotes from the diaries of Count Ciano (Mussolini’s foreign minister and son-in-law), referring to Greece a year and a half after it was invaded and occupied by Germany. 6 October 1942: “Clodius [the Third Reich’s economics minister] is in Rome to discuss the Greek financial question, which is very bad. If it... Read More
Having just written that Greece needs Spartans in order to prevail over its creditors and the EU, the new Greek government is showing signs of being Spartans. Listen to these words from Greece’s new Prime Minister, Alexis Tsipras: “We should not accept or recognize the government of neo-Nazis in Ukraine.” “The EU lacks democracy, and... Read More
We will find out the answer to the question posed in the title in the outcome of the contest between the new Greek government, formed by the political party Syriza, and the ECB and the private banks, with whose interests the EU and Washington align against Greece. The Spartans, whose red cloaks and military prowess... Read More
Compared to the crises revolving around Isis and Ukraine, the Greek situation is 'wholly soluble'
In ancient Greece, city states often rebelled against their overlords, who then besieged them to punish those responsible and re-impose outside control. Modern Greeks have likewise rebelled against EU authority by choosing a government led by the anti-austerity Syriza party and now face an economic siege aimed at forcing them to abide by past agreements... Read More
Country gears up for prolonged austerity battle
The radical left leader Alexis Tsipras was sworn in as Prime Minister of Greece today after the decisive victory of his Syriza party over establishment parties supporting the European Union programme that has impoverished so many Greeks. Mr Tsipras was swiftly able to form a government by reaching an agreement with the Independent Greeks, a... Read More
Success for Syriza party may provoke economic siege by European Union
Greek voters have rebelled against the austerity programme imposed by Brussels and Berlin in return for loans to fund Greece’s massive debt. The radical left Syriza party, which promises better terms for Greece, won a decisive victory in the general election today and is close to winning an absolute majority in parliament. Syriza, led by... Read More
It was raining yesterday in central Athens, which creates a problem for those feeding the homeless. “Normally, people living on the streets stay at a single spot where they can get heat from an air vent from underground, so they’re easy to find,” says Yanis, a diver and engineer in the navy who runs a... Read More
Introduction: Greece is experiencing a triple crisis which has a profound impact on the economy, society and political system. The economy has experienced a deep, prolonged depression lasting six years and continuing. Workers and employees have suffered a 40% loss in income and a commensurate decline in medical, pension, educational and welfare benefits. The political... Read More
The Old Regime Pulls One Out
The Greek election produced a knife-edge result yesterday, with the establishment parties snatching victory in a narrow race. “The Greek people voted today to stay on the European course and remain in the eurozone ... there will be no more adventures, Greece's place in Europe will not be put in doubt,” said the leader of... Read More
Greeks Face Momentous Elections
Athens As Greeks prepare to vote in the most important election in their history on Sunday, people in Athens fear they are facing a future full of uncertainty, poverty and violence. Well-publicized crimes help create an atmosphere of violence as the wealthy and vulnerable immigrants alike come under attack. In one incident this week two... Read More
Times are very tough, but…
Maria Svoronou has three jobs and was finishing a twelve hour day as euro zone leaders were finalizing Greece’s rescue package in Brussels. For all her hard work, she earns only Eur 870 a month and says that “if the situation gets any worse, I won’t be able to survive.” Ms Svoronou, aged 33 and... Read More
Sell Them Tanks, Then Call Them Profligate
Athens As Greeks waited for a second eurozone rescue package to finally be agreed in Brussels today, many were blaming Germany and France for encouraging and benefiting from some of the much-criticized profligate spending that reduced Greece to near bankruptcy. About 1000 protesters gathered in front of the Greek Parliament in central Athens yesterday, while... Read More
"We had to choose between the certainty of disaster and the doubt of salvation. You can't be independent when you have...
Greeks expect to agree a deal with the Eurozone leaders today, Monday, that will cede much of their country's independence. Greece will become an economic – and to a large extent a political – colony of Germany and its allies. Berlin will have a say in everything from the choice of prime minister to the... Read More
“Give the spivs your taxpayers’ money or we’ll bring down your banking system.”
An American took his phlegmatic English friend to see the Niagara Falls. “Isn’t that amazing?” said the enthusiastic American. “Look at that vast mass of water dashing over that enormous cliff!” “But what,” replied the unimpressed Englishman, after viewing the sight for some moments, “is to stop it?” I owe the story to my father,... Read More
NEW YORK – Why should 330 million Europeans face a financial and likely political meltdown for the sake of 11 million profligate Greeks? They should not. Just ask the angry Germans who actually believe there is no free lunch. The best thing for the Greeks and for Europe is for Greece to be asked to... Read More
It’s finally become clear to everyone the key problem in the current Eurozone crisis is just too much democracy. Pesky voters opposed to austerity measures get in the way of efforts to cut government expenditures in order to reduce deficits and make repayment of national debts more likely. China’s Global Times on Greece, November 2:... Read More
NEW YORK – Why should 330 million Europeans face a financial and likely political meltdown for the sake of 11 million profligate Greeks? They should not. Kick Greece out of the Euro. That’s the simple, brutal solution to the current financial crisis that is threatening to tear apart the European Union and provoke a global... Read More
"Do you think we are the parasites of Europe?"
Athens Greece last week was paralysed by a 48-hour general strike that began Wednesday and cast doubt on the unpopular government's ability to implement reforms demanded by the European Union in return for further bailout money. Black-masked youths hurled chunks of marble and petrol bombs at riot police in front of the parliament building in... Read More
Category Classics
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