On June 29, 2012 the European Council reached an agreement to allow the direct recapitalization of Spanish banks and try to relieve pressure on the sovereign debt markets. This agreement amends some of the conditions initially laid down for the rescue of the Spanish banking sector, and is being presented by the government as a genuine success in Brussels.
All of them must go!
10 July 2012, byOver five columns of page one the press announced the “rescue" of the Spanish banks, at a cost of 100,000 million Euros. The Eurogroup [the meeting of the finance ministers of the Euro zone] thus ratified the opulence of the measures taken to support the failing bankers: “All necessary public money will be available” as Spanish finance minister LuÃs de Guindos put it when the Bankia crisis broke out.
Occupy & the Fight Against Foreclosures in Detroit
10 July 2012, byWhile the Occupy movement may not be front-page news any longer, anti-eviction defense is a major activity in a number of cities. Here in Detroit we are currently supporting two homeowners facing eviction and will be sponsoring a second legal clinic later in the month. So far we have been successful in keeping people in their homes (and in one case, in his business) by forcing banks to renegotiate the mortgages. Occupy Detroit’s anti-eviction work has been carried out in a coalitional effort with other organizations, including People Before Banks (in which Southeast Michigan Jobs with Justice is a member), Moratorium Now! and UAW Local 600. Our current cases are:
June 17: A temporary and unstable solution for the Greek political system
7 July 2012, byThe elections of May 6th created an upheaval of the Greek political system, opening a period of deep crisis. The shrinkage of PASOK, the disintegration of New Democracy (ND), the unexpected emergence of SYRIZA as the second-place finisher, and the opening of a prospect for the formation of a government of left parties set off alarm bells not only for the Greek ruling class but also for their European counterparts.
Whither Greece?
2 July 2012, byExploiting the deepest fears of a part of Greek society, the troika has overseen the formation of a new pro memorandum government. Despite having withstood the first onslaught, the troika, however, has done little to win time and can stabilize the situation only with difficulty. The breach opened in Greek society for the implementation of adjustment policies only widens every day and will hardly be closed in the short term. The crisis of legitimacy of the established regime is deep and the breakdown of the traditional party system is an irreversible fact.
What emergency programme for the crisis?
2 July 2012, by ,The European governments, in accordance with IMF criteria, have made the choice of imposing strict austerity measures on their peoples. Slicing away public spending, lay-offs, pay freezes and salary cuts for civil servants, reduced access to vital public services and welfare, later retirement age, etc. Increased cost for public transport, water distribution, health services, education, etc. Heavier indirect and particularly unfair taxes like VAT. Massive privatization of companies in competitive sectors. The strictest austerity policies since 1945. The consequences of the crisis are multiplied by the so-called remedies which protect the interests of capital. Austerity seriously aggravates economic slowdown producing a snowball effect: weak growth, when there is any, automatically increases public debt. The meaning of ’triple A’ becomes clear: wage Austerity, monetary Austerity and budgetary Austerity.
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