[Marxism] Anand Gopal: What Austerity Looks Like Inside Greece

Dayne Goodwin daynegoodwin at gmail.com
Wed Apr 1 14:57:42 MDT 2015

What Austerity Looks Like Inside Greece
by Anand Gopal
The New Yorker
March 31, 2015

Excessive Austerity Not A Lack Of Structural Reform Is Holding Back
Investment In Greece
by Andrew Watt on 1 April 2015
Social Europe
. . .
"...what is vital in the short and medium run is to ease the crushing
burden of fiscal austerity and address the social crisis that
threatens to tear the country’s social and economic fabric
irreparably. Above all the Damocles Sword of possible ejection from
the euro area needs to be removed. . ."

Unemployment rates show the tension between Germany and Greece
by Melvin Backman
Quartz, NYC
March 31, 2015

Germany just released its latest unemployment figures, and its jobless
rate is at the lowest level since re-unification[*]. Germany’s is the
largest economy in the euro zone and has served as an economic anchor
for the rest of the member states, which gives it considerable power
in economic dealings.

Greece, on the other hand, is grinding to recover from its prolonged
recession, with unemployment above 26%. Its new leftist government has
been trying to restructure its debts.

The majority of Greece’s debt is owed to the European Financial
Stability Facility, a consortium of euro zone governments, in which
Germany is the largest shareholder. Germany has been staunchly opposed
to Greece’s restructuring plans, seeking instead to extract economic
reforms that it thinks are necessary to make Greece’s economy more
sustainable. It’s a process that pits one of Europe’s strongest
economies against one of its weakest.
. . .
* Germany's jobless rate hit a record low of 6.4 percent in March

More information about the Marxism mailing list