A very sensible observation, I'd guess. The key to an escape from the terrible, and ignoble, mess is massive cross-border support. That was/is not even remotely in sight. The implications are pretty much grim.
Sukla ---------- Forwarded message ---------- From: XXX How do we regard this? Could it reasonably have been avoided? I suspect I may have been wrong in arguing to various people that on the basis of the Argentinian experience, the consequences of Greece getting out of the euro looked to be containable. Varoufakis in his latest article explains that the implications of getting out of the euro are quite different from those of abandoning a peg to another currency, as was done in Argentina. When the Argentinians cut the peg, they still had their own currency, albeit devalued. If the Greeks abandoned the euro, they wouldn't have their own currency, and reintroducing the drachma would take a considerable time. The effect, as Varoufakis notes, would be the same as announcing a major devaluation months in advance: every capital asset in the country would be stripped to the bone. The main political beneficiary would be Golden Dawn. It's easy to argue that the Greek working class should seize control of the banks, the factories, the infrastructure, etc., etc. The trouble is, there's no revolutionary situation in Greece, or anything remotely resembling one (not that the Syriza leadership has ever sought to promote anything of the kind). The euro is a truly damnable mechanism. In the absence of a broad working-class revolt in the main eurozone countries (not exactly in prospect), it acts as a kind of choke-collar. Try to escape from it, and you strangle yourself. XXX To: [email protected] From: [email protected] Date: Mon, 13 Jul 2015 13:26:25 +0530 Subject: [GreenLeft_discussion] Greece Crisis: Eurozone summit 'reaches agreement' http://www.bbc.com/news/world-europe-33503955 Greece debt crisis: Eurozone summit 'reaches agreement' 10 minutes ago From the section Europe Donald Tusk: "After 17 hours of negotiations we have reached agreement" [Video] Eurozone leaders say they have reached an agreement over a third bailout for Greece after marathon talks. EU chairman Donald Tusk said leaders agreed "in principle" on negotiations for the bailout, "which in other words means continued support for Greece". "There will not be a 'Grexit'," said European Commission head Jean-Claude Juncker, referring to the fear that Greece would have to leave the euro. Greece is expected to pass reforms demanded by the eurozone by Wednesday. Parliaments in several eurozone states also have to approve any new bailout. Eurozone leaders had been meeting in Brussels for about 17 hours, with talks continuing through the night. -- Peace Is Doable -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at http://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
