Archive for November 1st, 2011

By CFS

After more than a year of protests, general strikes, and clashes with authority, the Greek people have been given a chance to decide their own destiny and it looks very likely that voters will reject the debt deal put forward by the EU.  Financial markets reacted very negatively to the news, it would seem that markets aren’t very confident that Greek voters have international banks’ best interests in heart.

Ordinary people given the chance to decide the future of their own democratic country seems almost like a novelty.  I wonder what would have happened had Americans been given the chance to vote on TARP?  We might not have seen the rise of the Tea Party and OWS had it not been the shoveling of trillions of dollars tax payer money down the black hole of Wall Street’s quarterly reports.

Of course, Europe’s and America’s power brokers are just a little displeased, as the Greek PM, George Papandreou, is threatened by the fall of his government for his decision to put this issue in front of voters and will face angry EU leaders who will push for implementation of the plan even in the face of the Greek vote.  I guess he’ll learn his lesson that governing is for technocrats, not people… silly socialist.

The financial deal would force Greece to accept large cuts in public spending and is projected to increase already high unemployment rate partially caused by austerity measures adopted in 2010 in return for another bailout package.  But, as we’ve seen with Wall Street bailouts, such measures aren’t meant to help Greece, but to insure the profits of the bond holders, and of course, the only answer to debt is more debt.  Sound logic if you ask me.  The Naked Capitalist blog has a good post on the success of another country that rejected a financial bailout, even in the face of rising social spending.

I’m personally very interested in how a democratic vote will end up effecting this year’s Christmas bonuses at financial firms.

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