The Greek People Have Been Sacrificed to the Capitalist Gods of Speculation [View all]

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Published on Thursday, February 16, 2012 by Critical Legal Thinking (Ireland)

The Greek People Have Been Sacrificed to the Capitalist Gods of Speculation
In Europe, capitalism has persuaded the world that capitalism is the world

by William Wall


The behaviour of the EU states towards Greece is inexplicable in the terms in which the EU defines itself. It is, first and foremost, a failure of solidarity.

The "austerity package", as the newspapers like to call it, seeks to impose on Greece terms that no people can accept. Even now the schools are running out of books. There were 40% cuts in the public health budget in 2010 – I can't find the present figure. Greece's EU "partners" are demanding a 32% cut in the minimum wage for those under 25, a 22% cut for the over 25s. Already unemployment for 15-24-year-olds is 48% – it will have risen considerably since then. Overall unemployment has increased to over 20%. The sacking of public sector workers will add to it. The recession predicted to follow the imposition of the package will cause unbearable levels of unemployment at every level.

In addition the "package" demands cuts to pensions and public service pay, wholesale privatisation of state assets – a fire-sale, since the global market is close to rock bottom – and cuts to public services including health, social welfare and education. The whole to be supervised by people other than the Greeks. An entire disciplinary and punishment system.

When we casually use a term like "bailout", it is important to remember that it is not people who are being bailed out, or at least not the Greek people. The bailout will not save a single Greek life. The opposite is the case. What is being "bailed out" is the global financial system, including the banks, hedge funds and pension funds of the other EU member states, and it is the Greek people who are being ordered to pay – in money, time, physical pain, hopelessness and missed educational opportunities. The relatively neutral, even stoic, term "austerity", is a gross insult to the Greek people. This is not austerity; at best it is callousness. ............(more)

The complete piece is at: http://www.commondreams.org/view/2012/02/16-5