Yanis Varoufakis’s self-incriminating account of the Greek Crisis

Part one: proposals doomed to fail

by Éric Toussaint

MR Online | August 27, 2017

Yanis Varoufakis (CC - Flickr - Marc Lozano)

In his latest book, Adults in the Room (see here for a review in The Guardian), Yanis Varoufakis gives us his version of the events that led to the Tsipras government’s shameful capitulation in July 2015. It essentially analyses the period 2009-2015, though it makes incursions into earlier periods.

With this voluminous work (550 pages), Yanis Varoufakis shows that he is a gifted narrator. At times he succeeds in moving the reader. His direct and vivid style makes it easy to follow events.Read More »


FACE OF AN ECONOMY: Austerity and Poverty in Greece

A Journal of People report


Austerity and poverty now dominate Greek life. Poverty in the country is not much different than the un-developed South. Greece, a capitalist economy, also faces serious income inequality

A report in The Washington Post said:

“Over the past seven years, austerity has left visible scars in Greece’s capital.

“A walk around Athens reveals more homeless people than ever despite some signs of a rosier economic outlook. Thousands of shops, mostly small businesses, are shuttered here and across the country. In what used to be a busy shopping arcade, closed stores are padlocked against a backdrop of hanging Greek flags.Read More »

FACE OF AN ECONOMY: Greece’s debt is not sustainable, warns IMF chief

Wages drop

Workers strike

A Journal of People report



Christine Lagarde, the International Monetary Fund chief, has warned that Greece’s debt is not sustainable.  She said: Greece requires significant debt relief from Europe.

But, under pressure especially from Berlin, Greece’s 18 other euro partners have not yet broached the issue of debt relief, preferring to push that hot-button topic to next year.

Protesters in Greece took to the streets this week to criticize the government for going along with public sector cuts imposed by the IMF and the EU. Government spokesman Dimitris Tzanakopoulos accused the opposition of being behind a strike.

Greece is in its seventh years of austerity sought by international creditors in return for bailouts.Read More »

Greek Democracy Succumbs To Austerity

by Kevin Ovenden

Morning Star | 20 February, 2017

GRINDING austerity and mounting social crisis. Industrial output falling in the last quarter. A €7 billion euro debt repayment in five months’ time. No money in the government coffers to meet it. European Union institutions holding back promised instalments of a previous bailout until further assaults on working people are rammed through.

If that all seems familiar, it is because that snapshot of Greece today is eerily similar to exactly this time two years ago.Read More »

The Bailouts Were for the Banks: Study Confirms Rescue Loans Didn’t Serve Greeks

by Andrea Germanos, staff writer

Common Dreams | 05 May, 2016

A sign held during a Syriza solidarity rally in London in Feb. 2015.  (Photo: Ben Folley/flickr/cc)

A new study offers more confirmation that the so-called bailout packages the European Union (EU) and the International Monetary Fund (IMF) delivered to Greece primarily served European banks rather than the Greek people.Read More »

Thousands of Greek farmers protest pension reform: Unions call general strike on February 4

A Journal of People report

Thousands of Greek farmers on January 28, 2015 protested in the northern region of the country against a pension reform proposed by the government. The reform plan is a part of the country’s tough economic bailout.

A general strike on February 4 has been announced by Greek unions as lawyers, engineers and sailors also oppose the reform.Read More »

General strike paralyzes Greece: Petrol bombs and teargas during anti-austerity protest


A Journal of People report

Workers’ strike paralyzed Greece on Thursday. This is the first general strike since the SYRIZA-ANEL coalition government was re-elected in September. The trade unions are protesting growing austerity measures.

Workers in the public and private sectors were on the general strike protesting the harsh austerity measures imposed by the Alexis Tsipras government.Read More »

‘Syriza’ s Act Is A Historic Revolt Against Austerity’

Economist Prabhat Patnaik speaks about the confrontation between globalised capital and democracy.

By Pragya Singh

Courtesy: OUTLOOK 

In 2008, economist Prabhat Patnaik was on a high-power UN task force on reforming global finance. Eight years later, as Greece’s crisis worsens, he speaks to Pragya Singh about the confrontation between globalised capital and democracy and lessons for India from the state of its rural economy. He also trounces austerity as an antidote to slowdown. Excerpts:Read More »

Blackmailing Bankers Now Stage A Coup In Greece

By Farooque Chowdhury

Courtesy: Countercurrents.org 

Strangulated Greece now experiences a coup by blackmailing bankers. It’s a show of bankers’ democracy, a worst form of democracy in the Age of Crises. It’s an invasion by bankers.

Honorable bankers have imposed their demands on the people in Greece. It’s their reciprocal democratic measure to the Greek people’s practice with democracy. They love to humiliate people, they love to wreck countries, they love to pauperize people. These acts make them rich and powerful.Read More »

Glory to the Lucid Courage of the Greek People, Facing the European Crisis

By Samir Amin

Courtesy: MRZine | 6 July, 2015

The Greek People are an example to Europe and the world.

With courage and lucidity the Greek people have rejected the ignoble diktat of European and international finance.  They have won a first victory by affirming that democracy cannot exist unless it knows how to put itself at the service of social progress.  They have unmasked the farce of democracy that accepts submission to the degradation of social conditions demanded by the dictatorship of finance.Read More »