Inside Socialist Action
2012 2012-06Read it in the scan (PDF at ETOL), page 1 →
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Christine Lagarde, head of the International Monetary Fund, told Greeks they should stop complaining and learn to pay their taxes. She capped her bullying lecture by telling them they should be thankful they’re not as poor as African children (conveniently ignoring the role of the IMF itself in impoverishing Africa).
This bullying of Greek workers is also intended as an indirect warning to Spanish workers, who are once again on the move in strikes and protests against cuts in government spending. The last thing that Europe’s rulers want is for Spanish workers to follow the Greek precedent, especially as Spain’s economy is teetering on the brink.
Spain’s borrowing costs soared in late May as Bankia, the country’s largest mortgage lender, neared collapse and sought government aid. Analysts expect that more bank failures, increasing loan defaults, and soaring borrowing costs for the Spanish government will require the country to seek emergency financing for its banks from the European Union. This prospect is worsening the tremors felt by Europe’s rulers, especially since Spain’s economy is four times the size of Greece’s, and the likely scale of a spillover from the latter’s troubles across the continent is steadily increasing.
The UK as well would be severely impacted. Even Students in Colombia — 2 15,000 protest NATO — 3 Egypt vote fraud — 4 No intervention in Syria! — 4 Which way for Greece? — 6 Latin American revolution — 8 Movies / Books — 9 Canada news — 10 Quebec