The idea that every eurozone country should adopt an export-led growth model should not only be rejected because it is based on exploitation, but also because it is economically impossible.
European Central Bank (ECB)
The tribulations of major European banks, starting with “venerable institutions” like the Monte dei Paschi di Siena (the world’s oldest bank) and Deutsche Bank (Germany’s largest), have raised the spectre of a repeat of the crash of 2008 — a “Lehman Brothers times five” in the words of one market analyst.
Deutsche Bank has been found to be seriously under-capitalised, both according to the standards set under the Basel III international bank regulation standards and according to its own targets. The same goes for British giant Barclays.
An event of profound importance took place in Brussels on July 12. The significance of the European summit negotiations extends well beyond the immediate — and devastating — consequences for the people of Greece.
The fallout will not just affect the stability of the Greek government and the political future of SYRIZA and Prime Minister Alexis Tsipras.
Europe, as we know it, may well be over.
The promise of a peaceful integration of equals with a capitalist framework lies tattered on the floor of a negotiation room in Brussels. There, the SYRIZA-led Greek government finally succumbed to the blackmail, economic carpet-bombing and “mental water-boarding” of the European powers.
There is a tense stand-off right now between Greece's government and the so-called troika — the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF). ECB President Mario Draghi recently went so far as to deny that his institution was trying to blackmail Greece's left-wing anti-austerity government.
But blackmail is actually an understatement. It has become increasingly clear that the troika is trying to harm the Greek economy in order to raise pressure on the new Greek government to agree to its demands.
Anti-riot police attacked protesters gathering against the inauguration of the European Central Bank’s (ECB) new headquarters in Frankfurt, Germany, on March 18. Reuters said more than 550 people were arrested.
Police used pepper gas and water cannons to open a path to the entrance of the building, which was being blocked by demonstrations. A minority of protesters threw stones or other projectiles and set fire to at least seven police cars. More than 100 protesters were reported to be injured.