New Perspectives on the Euro Crisis, and the Need for Greece to Default

Delighted though I am to see the back of Silvio Berlusconi, no one should be reassured that his replacement, the unelected technocrat and former EU commissioner Mario Monti — or another unelected technocrat, Lucas Papademos, a former vice-president of the European Central Bank., who has taken over in Greece from former Prime Minister George Papandreou — are in a position to provide a solution to the financial crisis sweeping Europe.

Even before the unelected technocrats were parachuted in, those intent on addressing the crisis through austerity cuts of unprecedented savagery had a crisis of authority, having failed to consult with the electorates of the countries involved, and imposing unelected leaders is a truly alarming development.

For those seeking to understand why, it is clear that the fault lies primarily with the entire Euro project, and not with individual countries, but understanding that involves certain Northern European countries putting aside their dreadful knee-jerk racism regarding their southern neighbours’ purported laziness and corruption, and understanding that the Euro is and was an inherently flawed project, biased in favour of the richer countries, and essentially presided over by a handful of unaccountable officials.

As the Guardian noted in an article last week, “the latest phase of Europe’s sovereign debt crisis has exposed the quite flagrant contempt for voters, the people who are going to bear the full weight of the austerity programmes being cooked up” by “the Frankfurt Group, an unelected cabal made of up eight people: [Christine] Lagarde, [the head of the IMF]; [Angela] Merkel; [Nicolas] Sarkozy; Mario Draghi, the new president of the ECB [European Central Bank]; José Manuel Barroso, the president of the European Commission; Jean-Claude Juncker, chairman of the Eurogroup; Herman van Rompuy, the president of the European Council; and Olli Rehn, Europe’s economic and monetary affairs commissioner.” Read the rest of this entry »

Back to home page

Andy Worthington

Investigative journalist, author, campaigner, commentator and public speaker. Recognized as an authority on Guantánamo and the “war on terror.” Co-founder, Close Guantánamo, co-director, We Stand With Shaker. Also, singer and songwriter (The Four Fathers) and photographer (The State of London).
Email Andy Worthington

CD: Love and War

The Four Fathers on Bandcamp

The Guantánamo Files book cover

The Guantánamo Files

The Battle of the Beanfield book cover

The Battle of the Beanfield

Stonehenge: Celebration & Subversion book cover

Stonehenge: Celebration & Subversion

Outside The Law DVD cover

Outside the Law: Stories from Guantánamo

RSS

Posts & Comments

World Wide Web Consortium

XHTML & CSS

WordPress

Powered by WordPress

Designed by Josh King-Farlow

Please support Andy Worthington, independent journalist:

Archives

In Touch

Follow me on Facebook

Become a fan on Facebook

Subscribe to me on YouTubeSubscribe to me on YouTube

The State of London

The State of London. 16 photos of London

Andy's Flickr photos

Campaigns

Categories

Tag Cloud

Afghans in Guantanamo Al-Qaeda Andy Worthington British prisoners Center for Constitutional Rights CIA torture prisons Close Guantanamo Donald Trump Four Fathers Guantanamo Housing crisis Hunger strikes London Military Commission NHS NHS privatisation Periodic Review Boards Photos President Obama Reprieve Shaker Aamer The Four Fathers Torture UK austerity UK protest US courts Video We Stand With Shaker WikiLeaks Yemenis in Guantanamo