Created: Wednesday, 09 June 2010 22:02
Written by Andrew Alexander
FRFI 215 June/July 2010
‘Peoples of Europe, rise up!’ read the huge banner of the Greek Communist Party (KKE), hung from the ancient walls of the Acropolis. This was a call to the workers of Europe to follow the example of the Greek working class as it takes to the streets in protest against austerity measures imposed to pay for the capitalist crisis. We should follow their example as the European imperialist project enters a new and unstable phase.
Andrew Alexander reports.
Europe in crisis
In the words of Greek Prime Minister George Papandreou, Greece is ‘on the brink of an abyss’. His words were echoed by European leaders, most notably German Chancellor Angela Merkel. As we stated in the last issue of FRFI, European imperialism was clear about the implications of the Greek crisis for the whole of Europe. So, on 9 May, an historic deal was reached as the European Central Bank agreed emergency measures worth €750bn (£650bn) to prevent the Greek debt crisis from affecting other euro zone countries, most notably Spain and Portugal. The 16 members of the single currency bloc will have access to €440bn of loan guarantees and €60bn of emergency European Commission funding. The International Monetary Fund (IMF) will also contribute up to €250bn.
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