Eurozone

Austerity and the PIIGS - anarchists from around Europe - DABF 2013

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The austerity policies of the latest phase of capitalism have wreaked havoc on the lives and living standards of working class people across Europe and beyond.  The struggles in which communities find themselves as they attempt to resist these policies have a lot to learn from each other.  As we strive for a better world and to build communities free from poverty, exploitation and hopelessness we need to find time and space to listen to each other, to find common cause and to support each other’s struggles.

Cyprus: Grand Theft Euro

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This Saturday morning Cypriot people woke up to the news that they were about to be robbed. In a pre-planned ambush scheduled to coincide with a local bank holiday weekend, Eurozone apparatchiks threatened to bankrupt the Cypriot banking system by immediate withdrawal of the ECB liquidity support.

The "deal" forced on the Cypriots by Frankfurt means a "bail-out" of the banks to the tune of 17 billion euros, roughly equivalent to the annual GDP of the Republic that makes up the EU-recognised part of this divided island. But only 10 billion will be provided by the ECB and IMF, the other 7 billion will be taken by a combination of a 1.4 billion privatisation programme, but in bulk by robbing anyone with a bank account in Cyprus.

Nordic Front reawakens Eurogeddon Beast - Euro crisis returns

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The rain is pouring, Summer's over and the Eurozone crisis is back from his hols. Timed nicely to coincide with the brutal Spanish riot police attack on the indignados protest outside the Madrid parliament, yesterday's statement by the remaining triple-AAA rated "Nordic Front" of Germany, Finland and the Netherlands, has put the cat back amongst the pigeons.

Spain: Not waving but drowning - bailout tomorrow

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Spain began this week in bailout territory. Despite the increasingly shrill warnings of imminent catastrophe from Madrid, the battle of wills between the Spanish capital and Brussels, Berlin and Frankfurt has managed to avert the hour of judgement thus far. But can they achieve the aim of preventing the fall of Spain before the second Greek election?

Eurocrisis - understanding the anti-austerity elections - Four elections and a funeral

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The slow-motion car crash that is the ongoing Eurozone crisis has hit yet another seizure point. The previous weekend’s French and Greek elections, Sunday’s German election in Nordrhein-Westfalen and the threat of a second Greek election next month, has raised the Eurozone stress levels back to panic levels. Hanging over the whole situation is the spectre of a death foretold - a funeral for the vision of the Euro as the party that no-one ever leaves.

Opinion: Is the 'austerity referendum' where the real battleground is?

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Ireland is to have a referendum after all on the EU austerity treaty and a lot of the left is getting unreasonably excited about this. I say unreasonably because my opinion is that the referendum will not really, as the likes of the ULA claim, be a meaningful ballot on austerity. Austerity is not something simply being imposed on us by Europe through this referendum but something our domestic ruling class are already imposing and have been for a few years. Of course they have used the ECB/IMF as the 'bad cop' to scare us with and when passed will use the EU austerity treaty in the same way. But we need to recognize and organize around the fact that our local politicians and capitalist class are not really a 'good cop' eager to help us avoid the attentions of the 'bad cop' making threatening gestures at us across the room.

Eurozone farce descends into pantomime

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Ignoring cries of “Behind you!” as stock villain David Cameron skulked behind them waving his “veto”, Europe’s leaders announced to the world last week that, this time, they had definitely fixed the crisis in the Eurozone. “Oh, no you haven’t!” jibed the media, “Oh yes we have!” Merkozy and the Eurocrats blustered desperately. “Oh no you haven’t!” responded the markets this week.

Eurozone Appoints New Dictators in Greece and Italy l

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Armoured cars and tanks and guns did not come to take away their sons, but the peoples of Greece and Italy last week found that their elected governments had been replaced overnight by a new postmodern dictatorship of ECB-appointed "technocrat" Viceroys. Clearly in the new Eurozone, the old liberal dogma that modern capitalism and liberal democracy are joined at the hip, has turned out to be just another fairy story.

Bad dreams in the eurozone - Austerity, Austerity and not a recovery in sight

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How can you expect growth without investment or stimulus packages?  This is question that is screaming to be asked from the European leaders and the ECB who serve up the same policy: menu du jour, austerity slop/soup.   

The policy in poetic form reads thus,
Austerity, Austerity, and not a recovery in sight.

Look at the growth figures, or should I say non-growth figures of the Gross Domestic Product for various economies in the second quarter and they only serve to prove this point. The UK 0.2% growth, the USA 0.3% growth, Germany 0.1% growth, the eurozone average is an anaemic 0.2%.   Top of the eurozone charts with growth rate of three times the zone average is Belgium.  Belgium has been without a Government now for 15 months. 1

Back to school for the Eurozone as the Greek deal collapses

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Here we are at the end of the Summer and it’s time for the politicians and bureaucrats of the Eurozone to come back to the office and take a look at what’s lurking in their in-trays. By the same token, it’s also time for all of us interested in fighting back against a Europe of Austerity, to take stock of the lie of the land.

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