Barroso in Greece.
July 27, 2012
The European Commission President Jose Manuel Barroso was in Greece to put more pressure on the conservative government of Prime Minister Antonis Samaras to continue with deep cuts on salaries, welfare benefits and on pensions. Barroso said, “The key word here is, deliver, deliver,deliver.”
When one sees Barroso warning the Greeks “must make good on promises to reform”, he appears like a colonial power representing the “Troika” – the EU, IMF and the European Central Bank. It is beyond evident that the absolute majority of the people of Greece are paying a heavy price to a situation that they have never created in the first place. Whether it is in Spain, Greece, Portugal or the U.S. the method is to gallop to protect the banks who have already amassed billions of dollars in profits at the expense of the citizens at large. Total deregulation of the economy had created a situation whereby, the banks were allowed to loot without any oversight of any type. Won’t it be fair and proper to let them fail and go bankrupt? Why don’t governments dash to save and protect the interests of their citizens instead of the banks?
I have said this before, and I will say it again. Greece must exit the Euro. By the time the “Trioka” is done with Greece, the ownership of Greece will be transferred outside of its borders. According to ECB, the Eurozone is withdrawing all its money from Greek banks already, no one is depositing. CitiBank might be right with its prediction of “the chance of Greece exiting the Eurozone within the next 12-18 months to 90%”.
I only hope that the government of Greece would realize that the only way out of the economic agony it finds itself is economic growth not austerity, after more austerity measures. In the words of Bill Clinton, “If you do not have economic growth, no amount of austerity will balance the budget because you will always have revenues go down more than you can possibly cut spending”.
It is my wish that the misery in Greece would quickly recede before it destroys a country that is the root of European civilization.
Professor Mekonen Haddis