The new left-wing party in Greece, Syriza, wants to re-negotiate
the terms of the Greek bailout. The bailout plan that is being implemented in
Greece is essentially a “sink” for accumulated surplus capital in the Eurozone
setup by the IMF (International Monetary Fund), ECB (European Central Bank) and
EC (European Commission). These bailouts serve to unclog the arteries of capitalism
in Europe and to restart the flow of return on surplus capital. Further, the bailouts
always promote and protect the interests of the bondholders while the resources
of the indebted countries are free to be plundered through the harsh conditions
of debt repayment. Currently Greece has been given 250 Billion Euros in
bailouts. Other European countries such as Ireland, Portugal, and Italy have
also been given similar bailouts.
Institutions such as the ECB work between banks and the state
to protect the interest of the lending bond holders. IMF is a monetary
institution setup to protect, promote and propagate US currency hegemony of the
world. These institutions also play an important role in financing the election
of pro-bailout governments into office, which protect the interests of the bond
holders, such as the current New Democratic Party in Greece.
With 25 % unemployment, cuts to wages and pensions, the people
of Greece know very well that the “debt repayment” and “bailouts” have a capitalist
class character and are not a path to prosperity for Greek people. Greek people
also know that the bourgeois state of Greece is in direct collusion with the ECB
and this partnership has meant nothing but poverty for millions of Greeks.
The power of the capitalist state is centred on two major
pillars: the armed forces (the monopoly of violence) and currency manipulation.
The main job of the Syriza government, if it truly wishes to emancipate the
working people of Greece, is to untangle the Greek economy from the tentacles
of financial institutions such as the IMF and the ECB as much as possible:
replacing the power of the bondholders with the power of the people. This move
may entail leaving the Euro currency and strengthening the Greek state sovereignty
that is currently highly eroded.
The Greek anti-austerity movement is not alone. Other
parties in Europe such as “Podemos” in Spain, and left-wing parties in Italy
and Portugal are also very much present. If the Greeks maintain their momentum
to overthrow and uproot all the exploitative financial institutions, the rest
of Europe is sure to follow. However, this is all completely contingent on
these left-wing parties remaining loyal to the working class economic interests
and not stopping at short-term gains and small reforms that only ensure the
continued dictatorship and longevity of capitalism.
Chia Barsen
www.chiabarsen.com
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