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May 24, 2011

Referendum on austerity plan coming?

Opposition among the political groups in Athens preventing any government-wide unity on following the austerity plan requirements (which seems to emphasize all major political parties must support the IMF/eurozone authored restructuring plan). This may result in the most simple, but problematic, of solutions: making the average Greek citizen to vote on it:

Reuters report

"The Greek government is considering organizing a referendum on additional austerity measures after it failed to reach consensus with the opposition, local newspapers reported on Wednesday.

Opposition leaders rejected on Tuesday belt-tightening measures aimed at averting default as lenders piled pressure on Athens for action and for reaching a broad political consensus before considering any extra help."

The IMF/eurozone is only a quasi-democratic device. It serves to preserve stability, encourage growth, and to maintain the dominance of the deeply entrenched financial system that has pervaded europe since the second world war. To stay in the EU, Greece needs the IMF/eurozone plan; but to keep a flotilla of ECB banks from waking up to a mountain of worthless bond paper, the IMF/eurozone needs Greece. Squashed somewhere in between is the Greek citizen.


Related: Jobs in Greece


January 2011 - Washington Post: Does austerity even work?

May 2011 - Austerity Referendum vote for Greece?

October 20, 2011 - Austerity Vote passes on first reading

September 2011 - Reasons to quit and continue with austerity

Advent of austerity in Greece

June 2011 - Olli Rehn: Austerity or default, no other course

June 2011 - Austerity vote coming

June 27, 2011 - IMF pledges austerity program will succeed

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