Revolting Europe
ECB
Greece, Europe and sovereignty
What image will remain in the European Union in the wake of the Greek crisis? Indeed, whatever the outcome of this crisis, whether it results in a Greek default and a possible exit from the euro zone, or a capitulation of the Greek government, the consequences of this crisis on the EU and its image … Continue reading
The significance of Tsipras’ visit to Moscow
By Jacques Sapir Alexis Tsipras, the new Prime Minister of Greece will be in Moscow April 8. The following day, Greece must make a payment to the International Monetary Fund. The statements by Greece’s Minister of Finance does are unambiguous: Greece will honour its debts. [1] But on April 14, the Greek government must simultaneously … Continue reading
Renzi one year on: austerity still rules Italy
One year after PM Renzi came to power and three governments since Berlusconi, Italy is still depressed, thanks to unending austerity programmes, finds Leopoldo Nascia* Seven years of crisis and three and half years of political shocks the have brought, in succession, the governments Mario Monti, Enrico Letta and Matteo Renzi, have failed to pull … Continue reading
Greece’s new government, Tsipras and the issue of sovereignty
Why did Syriza choose the Independent Greeks as coalition partner? And how will the other Eurozone countries react to the new Government in Athens? Jacques Sapir explains Syriza has won and secured 149 seats in the Greek parliament. Alexis Tsipras, its charismatic leader, is the big winner of the elections this Sunday, January 25th. Many people … Continue reading
Fiscal stimulus or monetary laxity: Germany must choose
By Duval Guillaume In Europe, ever more monetary laxity is necessary because Germany refuses fiscal stimulus, even though the latter approach is preferable. On 4 September the European Central Bank (ECB) not only lowered again the interest rate at which it lends to banks to 0.05%, but it has also launched a major programme of … Continue reading
New bank, old fraud
Plans have been announced to ‘rescue’ Banco Espirito Santo by splitting it into a “good” and “bad” bank and loaning it €4.9bn from the European bailout fund in an operation that will leave the liabilities with the Portuguese people. Rui Tavares of the Left Bloc argues it doesn’t have to be this way Portugal has witnessed … Continue reading
The fall of Ricardo Salgado, a Portuguese oligarch
A Portuguese oligarch has been arrested and his historic Espírito Santo business empire is falling apart. Can the fall out be ‘contained’? Ricardo Espírito Santo Silva Salgado is known in Portugal as “Dono disto tudo,” or “Owner of everything.’ The oligarch’s family has been calling the shots in the country for over a century. It’s the largest shareholder of the … Continue reading
What’s not been said about the new BRICS bank
Vicenç Navarro* The history of disasters (and there is no other way to define the consequences of their policies) created by the International Monetary Fund (IMF) is long. This institution, which in its current configuration aims to defend the interests of finance capital (ie the banks) at the expense of the interests of the countries supposedly … Continue reading
The recovery is a bluff
By Alfonso Gianni It may well be that this is a coincidence, but there are many who doubt it, including the leader writers of Italy’s financial daily Il Sole 24 Ore. The fact is that many economic indicators suddenly seem to indicate, exactly one month before the European elections, brighter prospects. The simplest hypothesis, and … Continue reading
Portugal and the Troika three years on
By Catarina Oliveira Three years ago the Portuguese Government called in the Troika. “Save wages and pensions,” was the pretext but that did not happen. Today the dramatic social consequences of the entry of the Troika in Portugal are easy to analyse. A look at the figures shows the spiral of impoverishment in which the country is … Continue reading
The ECB and Europe’s deflationary spiral
IN THE RADICAL PRESS / IL MANIFESTO by Thomas Fazi* The latest figures from the European Central Bank are clear, and rubbish the rhetoric of “recovery” : the Eurozone is now on the brink of deflation. As one can easily deduce, if inflation indicates an increase in the prices of goods and services, deflation indicates … Continue reading
Why the May elections to the EU parliament will be a little more European
IN THE RADICAL PRESS / MEMOIRE DES LUTTES By Bernard Cassen Since 1979, members of the European Parliament have been elected by direct universal suffrage. However, so far , the campaigns preceding the elections had focused little on European issues, if not vaguely or with mantras such as ” social Europe tomorrow .” In reality, … Continue reading
The EU is a new form of colonialism – it’s time to break free
Spain has a future but it means breaking with the Eurozone and EU institutions, argue Hector Illueca and Adoración Guamán The economic crisis affecting our country and the austerity policies imposed by the troika (European Commission, European Central Bank and International Monetary Fund) are leading to an increasingly evident social fracture. Astonished citizens observe the … Continue reading
Europe’s debt – a con-trick binding the people to banks
From this year Italians have a 45 billion-euro–a-year bill to pay under the EU Fiscal Compact, a budgetary straightjacket binding Rome to 20 years of economically and socially lethal spending cuts and tax rises. It’s time to end this vicious cycle of impoverishment, designed for the sole benefit of private banks, and cancel the debt, says Loretta … Continue reading
Bank nationality and the risks of European banking union
Current economic policies are accentuating the differences between the eurozone members. Under these conditions, banking union, rather than protecting the weaker countries, could accelerate the “mezzogiornificazione” of the European peripheries, argues Emiliano Brancaccio A few days ago, the European Parliament approved a bill that will transfer the functions of banking supervision of eurozone member states to … Continue reading
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