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Showing posts with label Greece. Show all posts
Showing posts with label Greece. Show all posts

Sunday, March 11, 2012

Will Greece Be Ruled by the Bankers - or Its People?

Greek Prime Minister George Papandreou.
 (Photo: Doug Mills / The New York Times)
by: Peter Bratsis, Truthout | News Analysis 
 
The most central and constant dilemma in modern politics has been the choice between the political desires and demands of citizens versus the policy expertise and prudence of bureaucrats and specialists. For the more democratically inclined, those like Machiavelli and Aristotle, the judgments of the many, as flawed as they often may be, are nonetheless more trustworthy than the commands of the elite. The few, no matter their credentials or honors, are never able to match the collective intelligence of the multitude.
For others, including those who drafted the US Constitution, the whims and desires of the many are a great threat to social order, and the special few must stand as a moderating force between them and the levers of government. 
Recent events in Greece have hinged on this tension. The Greek economic crisis is often presented as a product of too much democracy, of politicians bowing to the demands of citizens for jobs, pensions and low taxes. The troika of the International Monetary Fund (IMF), European Central Bank (ECB) and European Union have stepped forward to undo this damage by attempting to break the ties between the residents of Greece and those who govern them. The troika has imposed strict policy guidelines, formulated by economists and other specialists, and closely monitors the implementation of these policies by the Greek government. Most recently, they have demanded written guarantees from all political parties in Greece that the austerity programs will be continued regardless of any future elections. Any "regressive" movements toward the demands of the Greek people provoke swift retributions from the troika.   READ MORE
 

Wednesday, January 18, 2012

Vampire Hedge Funds Are Sucking Greece Dry

If Goldman Sachs is a vampire squid, as Matt Taibbi so aptly named it, then hedge funds are like piranhas or sharks, eager to strip the financial carcass to the bone. January 17, 2012 Who are the real villains on Wall Street? When it comes to institutionalized greed and corruption, nothing tops the too-big-to-fail banks like JP Morgan Chase, Bank of America and Goldman Sachs. But these financial giants form only one part of the financial oligarchy. Lurking in the shadows are aggressive hedge funds that are just as lethal to our economic well being. If Goldman Sachs is a vampire squid, as Matt Taibbi so aptly named it, then hedge funds are like schools of piranhas or sharks, eager to strip the financial carcass to the bone. The sharks at this very moment are circling Greece, waiting to devour that nation’s resources. To understand this attack we need to enter into the rotting innards of our financial system. But aren’t the Greeks lazy? READ MORE