A quick one on Greece….
We should not be scared of the Greek situation, but excited. Yes, it is unfortunate and it would be better otherwise, but there is no doubt that this is a pivotal moment for the Eurozone and for the politics of austerity.
First, read this: Stiglitz explains why Greeks should vote “no” on Sunday.
He’s right. If there’s a “Yes” vote, anti-austerity worldwide is set back by years. Tsipras resigns, to be replaced by a puppet for the Troika, and Greeks lose control of their own destiny. Vote “No”, and they retain it. The Troika are mad because Tsipras has played the joker they always knew he had: democracy, and exposed the gap in their hand.
Then, listen to this: Giles Fraser – no stranger, you will remember, to controversy when forced to resign as Dean of St Pauls for sympathising with the Occupy demonstrators – giving a most scholarly and eloquent explanation of Helleno-germanic differences on Thought for the Day today,
Dr Fraser leaves it to us to consider the the third apex of the triangle: capitalist greed. It is the financial sector’s avarice (compounded with the other six) on which we should focus our concern, not Lutheran redemption or Orthodox forgiveness.
There’s an intriguing tree of possible outcomes after a No vote, some disastrous, some not so disastrous. The Troika back down slightly, and Greece accepts? Can they contain the consequences so that Podemos and the others aren’t too encouraged to follow suit?
Much more exciting: Greece defaults. Issues its own virtual digital-only currency using mobile payments, as in Kenya. Opens up and radically deregulates its enterprise sector. Processes citizenship for the migrants on its doorstep to liberate their economic potential at home and abroad. Exploits solidarity networks so supporters can buy goods directly from Greek producers, paying online in eDrachma bought online with Euros from the Greek government – which it then uses to pay for further green infrastructure investment.
Banks entirely disintermediated.
It is getting more interesting.