Posts Tagged ‘Austerity’

Osborne thinks economy is a trump card, but it’s a joker not an ace

by Michael Meacher.

Osborne boasts interminably about success with his ‘long term economic plan’, but even the slightest scrutiny of the evidence shows that his claims don’t remotely stand up. Labour should be eating him alive. 1. After the 6-7% collapse of output brought about by the financial crisis, output per head has grown by less than 2% […]

Five questions from Costas Lapavitsas to Syriza’s leadership on their Euroland deal

by Jon Lansman.

This is a translation of a blog by Costas Lapavitsas who was Professor of Economics at London’s SOAS until he was elected as a Syriza MP this year. He is known as a Eurosceptic critic of the more Europhile stance of the Syriza leadership, though his criticisms are more reserved than those of Syriza’s 92-old […]

Italy: whatever happened to PM Renzi’s anti-austerity commmitment?

by Tom Gill.

One year after PM Renzi came to power and three governments since Berlusconi, Italy is still depressed, thanks to unending austerity programmes, writes Leopoldo Nascia (translated from the original Italian by Tom Gill) Seven years of crisis and three and half years of the political shocks they have brought, in succession, the governments Mario Monti, Enrico […]

The costs and benefits of Grexit

by Tom Gill.

by Emiliano Brancaccio and Gennaro Zezza – translated from Italian by Tom Gill You cannot say that between 2010 and 2014, Greece has not “done their homework” assigned by the Troika. The tax burden has grown by five percentage points of GDP, public spending has fallen by a quarter and wages have fallen by twenty […]

Explaining the Euroland-Greece agreement

by Tom Gill.

by Jacques Sapir (translated from the French by Tom Gill) The agreement reached on Friday 20 February between Greece and the Eurogroup has led to conflicting commentary. It is necessary, in order to understand this agreement, and to analyze it, to put it into context, both in the short and in the long term. This agreement […]

Euroland’s Utopian foundations shaken by its central bank shirking its duties

by Ann Pettifor.

The late-night decision on 4 February by the European Central Bank to reject Greek bank collateral for monetary policy operations will, I confidently predict, precipitate not just a run on Greek banks; not just greater price instability across the Eurozone – but ultimately, the collapse of the fantastic machinery that is the ‘self-regulating’ economy of the Eurozone. […]

The Pasokification of Scottish Labour is writing on wall unless Labour moves Left

by Michael Meacher.

There is virtually no parallel for it in modern Western politics except perhaps the election which reduced the ruling Canadian Conservative party to just 2 seats. Ashcroft’s detailed polling of 14 Labour-held constituencies (plus 2 LibDem constituencies with even more dire predictions for their incumbents) is truly dramatic, showing an average 21% swing from Labour […]

In the UK as in Greece do you stay with failed policies or change course?

by Michael Meacher.

Almost everyone, and that includes the IMF and the ECB, now admit that austerity has gone far too far and is now holding back growth. The only exception are the Germans, but even they are now losing ground. They were forced to concede the eurozone bailouts which they never agreed with, they were compelled to […]

Tsipras versus Cameron: people versus bankers

by Michael Burke.

David Cameron became the first elected politician in Europe to criticise the election of the Syriza government in Greece and was quickly followed by George Osborne. This might seem odd as Britain is outside the Eurozone and has limited direct influence over its policies. But the urgent and unrestrained nature of the criticism is very revealing about what is at […]

Democracy versus capitalism – how Greece should survive

by Michael Meacher.

It is difficult for us to comprehend what the Greek people have been subjected to. After the 2008 crash UK unemployment rose to 8%; in Greece it is still 26% with youth unemployment at over 50%. UK GDP fell by 9%; Greek GDP collapsed by 25%. What is remarkable is not the momentous Syriza victory […]

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