- last week, Bank of England Governor Mark Carney sharply criticized austerity policies common to the Eurozone states, warning that the single-currency area was constrained by strangulating levels of debt that could plunge it into years of stagnation.
- Following Carney’s comments, UK economist and anti-austerity campaigner Michael Burke argued that debt burdens of struggling EU states such as Greece and Ireland are unsustainable, and must be largely written off if real growth is to occur in these states.
Jan 2015 update. The sweeping victory of Alexis Tsipras's left-wing Syriza party raises hope for a better life in Greece and dashes Merkel's demands for endless austerity. Read on.
"The Tsolakoglou government has annihilated all traces for my survival, which was based on a very dignified pension that I alone paid for 35 years with no help from the state. And since my advanced age does not allow me a way of dynamically reacting (although if a fellow Greek were to grab a Kalashnikov, I would be right behind him), I see no other solution than this dignified end to my life, so I don’t find myself fishing through garbage cans for my sustenance. I believe that young people with no future, will one day take up arms and hang the traitors of this country at Syntagma square, just like the Italians did to Mussolini in 1945"
Feb 2015 update.
The above was written in 2012. With the election of Alexis Tsipras, Merkel's demands for endless austerity is being challenged and with it the overpriced Euro. In the months ahead we predict that southern European countries including France will rally around Greece's issues . Like Roosevelt before them, they realize that austerity is the problem and not the solution.