The Coercion of Greece

[polly7]

By Mark Weisbrot
Source: Counterpunch
February 20, 2015

The Economist’s February 6 cover displayed the Venus de Milo statue pointing a revolver, with the headline “Go ahead, Angela, make my day.” In the editors’ upside-down world, Greece is threatening Europe, or at least Germany. Really?

On Monday, February 16, European officials “handed Athens an ultimatum: Agree by Friday to continue with a bailout program or risk the funding that the country needs to avoid a default,” the New York Times reported.

Then there is Wolfgang Schäuble, Germany’s finance minister and die-hard supporter of the failed austerity policies that brought Greece six years of depression. On February 11, according to the Financial Times, he “hinted darkly that a Greek plan to leave the bailout at the end of the month could draw a harsh reaction from financial markets.”

Many observers don’t seem to get it, but this is all about the European authorities using coercion to accomplish political as well as economic goals. That’s why these people have not been content to just rely on their enormous bargaining power and the threat of economic dislocation that would ensue if Greece is forced out of the euro. Instead, they have been pro-active: on February 4 the ECB announced that it would no longer accept Greek government bonds as collateral. This was a deliberate effort to crash Greek financial markets and increase capital flight so as to force Syriza to capitulate as soon as possible.

Full article: https://zcomm.org/znetarticle/the-coercion-of-greece/


(Borrowed from DU'er DeSwiss)

He doesn't look like he'd be all that intimidated by their threats, either.

[libdem4life]

1. He speaks with passion, yet restraint. Saw him on a TED show. He's focused and committed.

And not hard on the eyes either...couldn't resist.

[polly7]

2. I know, right?

And yes, he's good ..... he doesn't seem to ever get frustrated, or led off course. I'm glad he's there with Tsipras at this time.

[libdem4life]

3. If it can be done, they surely chose well.

[2naSalit]

4. I sincerely hope

that Greece stands firm and forces the EU to reconsider. It is the EU who is scared, this could lead to the undoing of the EU which was a colossal mistake in the first place. And I hope that Spain and Ireland follow them away from the EU.

Sure, it can be painful for a spell but I suspect that it won't be as painful as the last few years of forced austerity have been. It seems that the Greek people have seen the light and realize that the beast has to be starved in order to kill it... even if they have to suffer a little malnutrition for a little longer.

[Mr_Jefferson_24]

5. K&R