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Greek protesters telling the corrupt EU technocracts what they think of their 'austerity measures'
Greek protesters telling the corrupt EU technocracts what they think of their 'austerity measures'
The Greek tragedy of national economic collapse appeared to be turning into farce with the re-election of Syriza at the end of September. The leftist party had been first elected only seven months earlier on the promise to end the austerity measures forced on Greece by the troika of the European Union (EU), International Monetary Fund (IMF) and the European Central Bank (ECB) in exchange for $339 billion in bailout loans (see March Monitor). Reforms to that point had devastated the Greek economy causing it to shrink by 25% and increasing overall unemployment by the same amount, and pushing youth unemployment to 48%.
Syriza has now been returned to power after pledging to enact arguably more severe austerity measures than the ones it had first been elected to oppose. A month after the July 5 referendum, in which Greeks overwhelmingly (61.31%) rejected the troika's bailout plans, Alexis Tsipras, Syriza's leader, signed a third memorandum of understanding with Europe, in which his government agreed to significant tax hikes, drastic pension cuts and wide-ranging privatizations that exceed many of the structural reforms undertaken over the previous five years. When some of his own party members rebelled against this clear betrayal, ending Syriza's coalition majority in parliament, Tsipras called an election.
Comment: There are plenty of solutions to the problems faced by Greece and by many other Western nations. If there were real independent leadership they could forge a way forward and, though it would be rocky, there would be hope for the people. But the biggest problem of all in Greece and throughout the West is the parasites in power. They refuse to implement any solutions whatsoever, because they are only too happy to bleed their host countries dry. Also see: