politics for the 99%

Published on Social Europe, by Daniel Munevar, May 27, 2016.

A new agreement has been reached between Greece and its creditors regarding its bailout program. Jeroen Dijsselbloem, president of the Eurogroup, has described it as “ambitious” and a “major breakthrough”. However, a look at the details shows that it’s anything but.  

This agreement follows the Eurogroup’s time-honored tradition of kicking the can down the road as political considerations have once again trumped economic logic. Greece has to continue its commitment to unrealistic fiscal targets while debt relief is expected to take place somewhere and somehow down the line and, all the while, the future of the country continues to be decided by political calculations within the Eurogroup. Like its predecessors, this new version of the Brussels fudge will buy some time but ultimately fail in its stated goal of ensuring growth and stability for Greece … //

… It’s troubling that six years into the crisis, the best the Eurogroup can do is to delay once more a definitive solution to the Greek debt problem. This is yet more evidence that the current institutional structure of the EU is unable to deal with the scale of economic problems caused by an incomplete monetary union: an ill omen for the future of Greece and, indeed, the EU.

(full text).

(Daniel Munevar is a former advisor to Yanis Varoufakis. In the past he worked as fiscal advisor to the Ministry of Finance of Colombia and special advisor on Foreign Direct Investment for the Ministry of Foreign Affairs of Ecuador. He has a Masters in Public Affairs from the LBJ School at the University of Texas at Austin).

Links:

ISIS captures 5 villages from ‘moderates’ as Al-Nusra continues shelling Aleppo – Russia’s MoD, on RT, May 29, 2016;

Towards ab European Pillar Of Social Rights, an Opportunity not to be Squandered, on Social Europe, by Anastasia Poulou, May 27, 2016;

Top management sets the tone in fight against money laundering, on asia one BUSINESS, May 27, 2016;

Mutual Funds Association of Pakistan, on Brecorder, May 27, 2016 (open-end funds daily prices);

China’s money rates mostly edge up as month-end pressure rises, on Reuters, May 27, 2016;

Why the death of cash may have been exaggerated, on FTalphaville, by Izabella Kaminska, May 26, 2016;

Key questions raised by the $2 trillion Saudi wealth fund plan, on Chicago Tribune, by Stefania Bianchi, May 26, 2016;

Britain says China to launch renminbi sovereign bond in London, on London South East Trading LSE.co.uk, May 26, 2016; Britain says China to launch renminbi sovereign bond in London

Millions for the boss, cuts for you, on Systemic Disorder, by blog owner, May 25, 2016: more is never enough. By now we really don’t need yet another statement of inequality, but here goes anyway: the average ratio of chief executive pay to employee pay has reached 335-to-1 in the United States …; (my comment: this is not an error. They are no more able to manage us, but reduced to a daily bowl of rice most of the 99% worldwide will be too weak and have to big survival fears to make any other trouble – Heidi);

Can Russia Survive Washington’s Attack? on Global Research.ca (first on Paul’s blog), by Dr. Paul Craig Roberts, May 22, 2016: nuclear War with Russia is Entirely Possible in the Next Year;

Americans Send The World A Plea For Help, on Paul Craig Roberts.org, by blog owner, May 18, 2016: as The United States Descends Into A Gestapo Police/Warfare State, Americans Send The World A Plea For Help: Rescue Us From Our Criminal Government By Ceasing To Aid And Abet Washington’s Crimes;
his latest book: THE NEOCONSERVATIVE THREAT TO WORLD ORDER, Washington’s Perilous War for Hegemony, by Paul Craig Roberts, Ed clarity press, October 2015;

Why I’ve Changed My Mind About Grexit, on Social Europe, by Daniel Munevar, July 23, 2015.