Austerity and resistance as Greece moves towards default
From the International Report delivered to the CPGB-ML’s central committee on 4 March.
A condition of releasing sufficient bail-out funds from the EU for Greece to be able to avoid default has been that even more stringent austerity measures should be implemented. The measures have been duly passed by the Greek parliament, and so the Greek people have been rising up in rage as their living standards are being mercilessly and sharply forced downwards.
As the Greek people put up a spirited fight against austerity, and opinion polls suggest that they will use their votes in April’s parliamentary elections to vote against austerity and, subject to leftist parties being able to cooperate for the purpose, perhaps even return a government that will resist the demands of Greece’s creditors, the inclination among politicians from other EU countries is developing towards letting Greece default and leave the euro. This is seen by many as the cheaper option, although others are still more worried about how much their own banks will lose if this happens and consider it is worth while attempting to turn the screw even harder on the Greek people for at least a little while longer.