Greece’s depression is IMF’s idea of ‘progress’

Systemic Disorder

The International Monetary Fund congratulated itself last week for the splendid job it is doing in Greece, declaring the country “is making progress in overcoming deep-seated problems.” With an unemployment rate of 27.2 percent, an economy that has shrunk by at least 20 percent and children going hungry, one has to shudder at the thought of what a lack of success might look like.

Temple of Zeus photo by Andreas Trepte (www.photo-natur.de) Temple of Zeus photo by Andreas Trepte (www.photo-natur.de)

The depression in Greece is the logical conclusion of austerity, but while Greece is the first in Europe to arrive it is not alone — the composite eurozone unemployment rate reached a record 12.1 percent in March. The eurozone unemployment rate rose to 24 percent for men and women below the age of 25; the European Union-wide rate is nearly as high.

The IMF’s solution? Eliminate more jobs. In its latest report on Greece, issued on May…

View original post 910 more words

Advertisements


Categories: Uncategorized

Tags: , , , , ,

7 replies

  1. It’s a disgrace to the European Union that Germany is forcing Greece to pay back the money that they so happily lent them during the ‘good times’. Greece can barely afford to pay the interest rates on this debt, and people are starving. What a fine example the EU is setting.

    • EU is using economic crisis and debt to force Greece to accept neoliberal policies. This is nothing new, it stems from policies of Milton Friedman and his ilk, as accepted by United States (and hence IMF, World Bank and other anti-democratic “international” institutions).

      • I prefer to call them “plutocratic” policies. I know that “neo-liberal” is the standard semantics. However, liberal comes from liberty, libertas, freedom in Latin. There is nothing free about slavery. Except for those who feel free, and freely use others as if they were their property.

        • Neoliberalism is all about freedom. Freedom from the society, from obligations to anyone but oneself, from ethics, morals and decency, freedom from duty and accountability. What neoliberals don’t understand is that such type of “freedom” leads to nothing but slavery, and is only possible through enslaving less lucky people anyway.

        • A related notion is “libertarianism”. However, both have variants therein. In particular, they would object to be viewed as deprived of ethics and decency, duty and accountability. Quite the opposite. That’s why they, in the end, just say what their masters want to hear.

  2. The Shock Doctrine at work is what this is. Ordinary people pay the price for greed.

    The other is that this is the 21st century equal to a nation being colonized. The sad thing is that the German people are not even benefiting from this, onlythe rich and special interests, particularly the export industry.

  3. And the IMF, nowadays, is not even the worst…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: