There goes Europe
Posted by Charles II on June 30, 2015
Joe Stiglitz, The Guardian:
The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.
It is startling that the troika [the European Commission, the European Central Bank, and the International Monetary Fund] has refused to accept responsibility for any of this [the ill results of accepting their pdemands] or admit how bad its forecasts and models have been. But what is even more surprising is that Europe’s leaders have not even learned.
But why would Europe do this? Why are European Union leaders resisting the referendum and refusing even to extend by a few days the June 30 deadline for Greece’s next payment to the IMF? Isn’t Europe all about democracy?
And, sure enough, what we are seeing now, 16 years after the eurozone institutionalised those relationships, is the antithesis of democracy: many European leaders want to see the end of prime minister Alexis Tsipras’ leftist government.
Next: Portugal, Spain, and Italy hit the Grexits.
4 Responses to “There goes Europe”
Sorry, the comment form is closed at this time.