50 ways to leave the Euro: Greece and the global crisis

My two month visit to Greece last summer prompted me to develop some proposals that might be applied in Greece and other countries where the government has become insolvent. I’ve written these up in an article that was recently published in the online journal, Common Dreams.  You can read it there or here below. It was also republished on Resilience and can be found there.

50 ways to leave the Euro: Greece and the global crisis
By Thomas H. Greco, Jr.

The problem is all inside your head, I told the Greeks
The answer is easy, you need only stop the leaks
The power is yours to claim the freedom that you seek
There must be fifty ways to leave the Euro
(Apologies to Simon and Garfunkel)

Following the resounding “NO” vote by the Greek people on the bailout conditions in the July referendum, the negotiations between the Greek government and “the institutions” resumed with the expectation that a better deal for Greece would ensue. The outcome was quite the contrary. Greek negotiators ended up agreeing to a bailout deal that was far more onerous than the one the voters had rejected. Why?

The harsh reality is that the Greek government is insolvent. Having been lured into the debt-trap and the shared euro currency by western oligarchs using a combination of measures, including outright fraud, Greece was forced to accept the onerous conditions attached to the first two bailouts. Now it has been bludgeoned into accepting a third. The weapon of choice is the euro currency itself which is being wielded by the European Central Bank (ECB). By throttling the flow of euro currency into the country, the ECB last summer created near chaos in the Greek economy. This, and the threat of even more severe punishment in the future, was enough to bring the Greek government to heel.

With sovereign debt up around 180% of GDP, there is no way that the Greek government will ever be able to grow its way out of the current mess. The draconian measures demanded by the creditor institutions will just make it worse. Even the IMF has acknowledged (with apparent reluctance) that some debt relief is necessary for the Greek economy to recover. The new agreement forces the Greek government to yield even more sovereignty and to open its economy and its people more fully to exploitation by corporate interests and transnational banking institutions. Read the entire article…

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3 responses to “50 ways to leave the Euro: Greece and the global crisis

  1. Pingback: Openbare Bank » Deze week ook in het nieuws

  2. Pingback: Banque Publique » Aussi dans les médias cette semaine

  3. Dear Professor Tom,
    Your article prompted me to finally write you.
    I wanted to share with you the following: even with no debt and alternative currency a slave population remains as such. You are a slave when you depend on government money to provide for your existence. When your work does not provide wealth for the fellows in your community. When the price of primary goods (mainly agricoltural) is altered to keep you in chains.

    Secondly, an halt in fraudulent government debt interest repayment will trigger a liquidity crisis without precedent.

    Self sufficiency will be vital as you point out.

    Keep the good works up,

    Kind Regards from italy.
    Arnaldo Spicacci

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