Fear Mongering about the Greek exit from the euro

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On Tuesday, the National Bank of Greece warned that a Greek exit from the euro – could slash individual Greeks’ incomes by half – and increase unemployment to 34-percent. These sort of doom and gloom projections from economists and bankers around Europe have led to many Greeks re-thinking their support for the anti-austerity SYRIZA party which up until recently held the lead in polls before next month’s June 17th election.

Should SYRIZA win – a Greek exit from the euro is virtually guaranteed. But now – the pro-austerity Conservative party New Democracy is leading in the polls – which is exactly what the banksters want. Keep an eye on this election – which will pit democracy against austerity.

Thom Hartmann Administrator's picture
Thom Hartmann A...
Dec. 29, 2009 10:59 am


Its not a surprise that the masters of austerity are calling the Greek people's bluff and winning. Who can the Greek's look to for solidarity in their struggle? If the Greek people vote SYRIZA, they are taking an immense leap of faith that anti-austerity factions will prevail elsewhere and come to their rescue. But Greece isn't sitting on natural resources of any sort that are valuable enough to motivate such solidarity among any but the most idealistic factions of the anti-austerity factions (such as they are, mostly grassroots organizations). I think it is a mistake for the Occupy movement to look at Greece as the deciding turning point in the struggle against austerity. We need to look at the struggle occurring in larger European economies with more diplomatic clout.

But, Slavoj Zizek wrote a great article revealing the character of the pro-austerity, anti-immigrant factions in Greece represented by the "Golden Dawn": http://www.lrb.co.uk/v34/n11/slavoj-zizek/save-us-from-the-saviours If the Greek people reject austerity, we should rally to their cause as our cause. This would include honoring any attempts by a SYRIZA led government to reintegrate itself into the global market. Greece leaving the euro means Greece walking away from its debts. The consequence of this would be Greece unable to import what it needs unless we take the ill-gotten gains of firms such as Goldman Sachs and reapportion those funds as emergency credit.

nimblecivet's picture
Jul. 31, 2007 4:01 pm

Spain is the next country to echo Greece, spiraling down into "austere" national destitution with banks failing anyway.

One thing that the countries of Europe increasingly need to protect their people — Glass-Steagall regulations.

Karolina's picture
Nov. 3, 2011 7:45 pm

Now Christine Lagarde, head of the IMF, has responded to the havoc wrought upon Greek society by attempting to shame anyone critical of austerity, accusing them of misplacing their sympathies which should be, as she claims hers are, with the schoolchildren of Niger. One of the first things she did was to force various African countries to end fuel subsidies upon which their citizens depend not only for transportation but to generate power for their businesses.

nimblecivet's picture
Jul. 31, 2007 4:01 pm

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