The book examines the European debt crisis with particular reference to the case of Greece. It investigates its spillover from a Greek-specific problem to a Eurozone-wide crisis and chronicles the policy responses to combat it. The central argument of the book is that the principal cause of the Eurozone’s problems was, and still remains, the indecisiveness of European elites to tackle its underlying deficiencies. Leading Eurozone countries have been unwilling to commit to a common long-term plan which could deal convincingly with complex and inter-related problems affecting both its ‘core’ and its ‘periphery’. The guiding principle of policy responses thus far has been the pursuit of permanent fiscal discipline. Yet, fiscal discipline alone would not provide the long-term solutions required; a steady course towards economic governance and political unification is necessary. Through the detailed tracing of the evolution of the crisis, the book provides valuable insights into the crucial interconnection between Greece’s own economic troubles and the wider European search for macroeconomic stability and sustainable economic growth. As such, the book appeals well beyond those with a narrow academic interest in Greece. This is very much a discussion about the future of the Eurozone and the European Union as a whole.
The well-being of Europe’s citizens depends less on individual consumption and more on their social consumption of essential goods and services – from water and retail banking to schools and care homes – in what we call the foundational economy. Individual consumption depends on market income, while foundational consumption depends on social infrastructure and delivery systems of networks and branches, which are neither created nor renewed automatically, even as incomes increase. This historically created foundational economy has been wrecked in the last generation by privatisation, outsourcing, franchising and the widespread penetration of opportunistic and predatory business models. The distinctive, primary role of public policy should therefore be to secure the supply of basic services for all citizens (not a quantum of economic growth and jobs). Reconstructing the foundational has to start with a vision of citizenship that identifies foundational entitlements as the conditions for dignified human development, and likewise has to depend on treating the business enterprises central to the foundational economy as juridical persons with claims to entitlements but also with responsibilities and duties. If the aim is citizen well-being and flourishing for the many not the few, then European politics at regional, national and EU level needs to be refocused on foundational consumption and securing universal minimum access and quality. If/when government is unresponsive, the impetus for change has to come from engaging citizens locally and regionally in actions which break with the top down politics of ‘vote for us and we will do this for you’.
Implementing the Memorandum:
an obstacle race
In 2010 the Greek government devoted itself to extending the repayment
schedule of the first loan made under the terms of the first Memorandum.
The Prime Minister put the matter ‘officially on the negotiating table’ at his
meeting with the President of France in Paris in November of that year. This
initiative was presented as a significant move. Under the circumstances prevailing at the time, it was rather self-evident that an extension would be granted.
When creditors realise that they will soon be obliged to
absurdity of the assumptions that prop up racist, sexist or homophobic world views. Concepts that had previously been regarded as unquestioned facts were, and are, being deconstructed and exposed as resting upon nothing more solid than fable. Once we see that there is no reason behind the discrimination – no reason to think that women are less intelligent than men, that Africans are genetically inferior to Europeans, that homosexuality is ‘un-natural’ – we see that there is no reason for discrimination based on gender, race or sexuality. It is through understanding the
Ariane Agunsoye, Michelle Groenewald, Danielle Guizzo, and Bruno Roberts- Dear
kinds of barriers women or ethnic
minorities face … sometimes those barriers are not
necessarily because of race or gender … but also what
the material constraints of being low-income just places on
your ability to take advantage of a university
after the murder of George Floyd
by a police officer explains that ‘To black economists,
“statistical discrimination” is a constant
micro-aggression.’ The idea that, despite ‘the
infinite diversity of human beings’, all employees somehow
‘settle on “race” as a meaningful
marker’ of ‘negative attributes’ and this has
nothing to do with ‘history
Gesticulating through the haze of smoke, she continues:
You've got all these rich snobby idiots up in parliament that don't want to lose out on what they've got, so they punish us for it.
I prompt back: ‘ So you think they know what they're doing?’
Oh they know exactly what they're doing. I'm not racist, my kids are mixed race. But they're opening the
Manchester United’s rivals in the
title race. This is just one of the more minor ways in which vertical integration between a broadcaster and a football club could be abused, to the more
general implications of which we now turn.
Jonathan Michie and Christine Oughton
Abuse of vertical integration The attempted acquisition would have decreased
competition through the vertical integration of the supplier (Manchester
United) and broadcaster (BSkyB) of Manchester United football matches. In
the event of Premier League clubs individually negotiating television rights
public opinion in Greece believed that an
extension of the time scale for the reduction of the deficit was imperative, so
as to make the cuts in welfare expenditure and the increases in taxation more
manageable. There was a growing realisation of the dire need for investment
as well, but the terms of the Memorandum made this a virtual impossibility. 5
SYRIZA’s position provoked a race in the run-up to the June election in
terms of what the parties claimed could be achieved through renegotiation.
3/13/2014 1:56:48 PM
The election of 6 May: euro or