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Looting Greece: A New Financial Imperialism Emerges

Jack Rasmus



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Clarity Press
15 October 2016
Regional studies; History; Colonialism & imperialism; Politics & government; Political structure & processes; Political economy
Looting Greece examines how and why the Syriza party, which took power in January 2015 promising to end eliminate debt, end austerity, and return Greece to economic growth, ended up agreeing to a deal much worse than its political predecessors in 2010 and 2012. In the new 2015 debt deal, pensions are reduced even more than before, retirement ages raised, temporary pension restorations of early 2015 for the poorest rolled back, workers' right to strike and collectively bargain further limited, mass layoffs now made legally possible, more government workers and teachers may be laid off and have their wages cut, taxes are raised on households, farmers and small businesses across the board, and social safety nets further shredded. To additionally pay for the $98 billion in new loans from the Troika-more than $85 billion of which will go to pay previous debts to the Troika and European bankers-sales of Greek public assets are expedited and the list of projects to be 'privatized' even further expanded. How the Euro Troika bureaucrats effectively subdued and conquered Greece economically, in the process destroying its democracy, is traced in a series of articles written from February through August 2015 as the Troika and Syriza negotiated over debt and austerity. Why the Troika set out to destroy Syriza and how Syriza ended up destroying itself are discussed, as well as how the respective strategies and tactics of both parties resulted in a final agreement in August 2015, which was not only worse in austerity terms compared to previous deals, but established new arrangements for ensuring debt repayment that are unique to recent debt deal restructuring. Placing the Greek events of 2015 in broader historical perspective, the book argues a radical new neoliberal initiative in Europe has emerged: in the 2015 debt deal the Troika will now directly manage Greece's economy-running its banks, writing Greece's budget, vetting and replacing government ministers, exercising veto rights over Greece's parliament and Executive agencies, dictating its taxes, and implanting 'Troika Commissars' to watch over and approve day to day decisions of Greek government at all levels. The book concludes with a critique of the critics of the events in Greece in 2015, noting they miss the fundamental point that a new kind of imperialism is being forged in Greece.
By:   Jack Rasmus
Imprint:   Clarity Press
Country of Publication:   United States
Dimensions:   Height: 226mm,  Width: 152mm,  Spine: 18mm
Weight:   431g
ISBN:   9780986085345
ISBN 10:   0986085340
Pages:   276
Publication Date:   15 October 2016
Audience:   General/trade ,  ELT Advanced
Format:   Paperback
Publisher's Status:   Active

Dr. Jack Rasmus is the author of several books on the USA and global economy, including Systemic Fragility in the Global Economy, 2015; Epic Recession: Prelude to Global Depression, 2010, and Obama's Economy, 2012. He hosts the weekly New York radio show, Alternative Visions, on the Progressive Radio network; is shadow Federal Reserve Bank chair of the 'Green Shadow Cabinet' and economic advisor to the USA Green Party's presidential candidate, Jill Stein. He writes bi-weekly for Latin America's teleSUR TV, for Z magazine, Znet, and other print & electronic publications.

Reviews for Looting Greece: A New Financial Imperialism Emerges

In this brilliant book, Rasmus shows that the EU is a finely honed device for looting its poorest members of their wealth and their democracy. -- PAUL CRAIG ROBERTS

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