Economy

Supports of the 'no' vote celebrate in Athens on the night of July 5. Leaders of Latin American left-wing governments have congratulated the Greek government and its people after Greece's historic July 5 referendum. Voters rejected debt austerity proposals by Greece's European lenders. Venezuelan President Nicolas Maduro said: “The ‘no’ vote in Greece is a victory against the financial terrorism carried out by the International Monetary Fund (IMF).”

Tens of thousands of Hondurans took to the streets in torch-lit marches on June 26 for the fifth week straight of Friday night protests. Marchers demanded the resignation of President Juan Orlando Hernandez and an independent investigation into the multi-million dollar corruption scandal embroiling the government.

Streets in cities across Greece has erupted into celebrations as results from Sunday’s referendum showed voters clearly rejecting the bailout terms put forward by the country’s lenders.

Activists have welcomed the announcement on July 6 that the NSW Coalition government has decided to buy back a coal seam gas (CSG) petroleum exploration licence from AGL that covers Sydney’s water catchment.

The United Socialist Party of Venezuela (PSUV) is held its primaries on June 28. Photo: TeleSUR. The latest study from polling firm Hinterlaces shows that 62% of Venezuelans want the ruling United Socialist Party of Venezuela (PSUV) to stay in government.

"The 'No' rally of this evening was quite simply the biggest political rally since the fall of the dictatorship," SYRIZA activist Stathis Kouvelakis said via Facebook on July 3 of the mass rally to back the SYRIZA government's call for a "No" vote in Greece's July 5 referendum on whether to accept the crippling austerity demanded by the nation's creditors.

President Rafael Correa called a rally on July 2 in defence of democracy and the pro-poor Citizens' Revolution his government leads after plans by the right-wing opposition for a violent coup were exposed. “We are ready to defend the revolution against the coup plotters,” Correa told thousands of supporters gathered outside the Presidential Palace on the evening of July 2. “We will remain firm in defending the revolution against the ultra-right.” he added.

Venezuelan President Nicolas Maduro voiced solidarity with the Greek government of Alexis Tsipras on June 30 after Greece failed to pay US$1.8 billion to the International Monetary Fund (IMF), Venezuelanalysis.com said on July 1. “I want to officially express solidarity to Prime Minister Tsipras and the Greek people on behalf of Venezuela,” Venezuela's socialist leader said on his weekly television program shortly after the IMF deadline.

The Jubilee Debt Campaign (JDC) released figures in April showing the International Monetary Fund had made €2.5 billion of profit out of its loans to Greece since 2010.

Across Africa, western Asia and Latin America in the 1980s, the growth of per capita GDP was brought to a halt. This was not a recession, it was a severe depression. And its cause was reckless lending by banks in the ’70s.

The ALBA bloc, comprised of 12 Latin American and Caribbean nations, expressed its support to Greece, as the Mediterranean country continues to renegotiate its debt with eurozone lenders. In a statement June 28, the bloc, which calls itself a “People’s Trade Treaty,” said it stands with the Greek people and the SYRIZA government against the "destructive consequences of neoliberal transnational capital," which regional organization said looks to subvert Greek democracy through financial measures.

The message from the mainstream media and parties across Europe is Greece is to blame for its own predicament. But a growing grass-roots movement across the continent is pushing for an alternative approach that demands democracy, not austerity. In a speech to the Belgian parliament on June 10, conservative Belgian Prime Minister Charles Michel declared that “the end of the Greek holiday has sounded.”