Versailles-ko Akordioa (1919)

Versailles-ko Itunean1, Alemaniaren gainean jarritako terminoez honela zioen John Maynard Keynes-ek2:

I cannot leave this subject as though its just treatment wholly depended either on our own pledges or economic facts. The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable, – abhorrent and detestable, even if it were possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilized life of Europe. Some preach it in the name of Justice. In the great events of man’s history, in the unwinding of the complex fates of nations Justice is not so simple. And if it were, nations are not authorized, by religion or by natural morals, to visit on the children of their enemies the misdoings of parents of rulers.” 

Eta Grezia 2015ean?

Troika? Ez aipatu, arren! (eta 3)

Hasteko, ikus Troika? Ez aipatu arren!(1)1eta Troika? Ez aipatu arren!(2)2

1) New Deal antzekoa3

J. Galbraith, S. Holland eta J. Varoufakis-ek “Investment-led Recovery and Convergence Programme” proposatzen dute, ahaleginduz “to reverse the austerity mindset by increasing total spending and, as a consequence, directly addresses the core short-run problem of stagnant growth.”

Argudioak “New Deal in the US between 1933 and 1937” islatu nahi bide du.

Arazoa hauxe da: “The questions are whether the scale of the program would be sufficient to generate a recovery,given how large the output gaps are at present, and whether a massive investment program could be absorbed without creating damaging imbalances4.

New Deal5 vs Modest Proposal6.

2) Kanpoko pizgarriak

Mitchell-ek argi dauka:

As I explained in this blog – Greece – two alternative views – Greece will not achieve growth with balanced fiscal positions.”

Galdera zuzena: “How does the Party plan to fill the massive output gap that Greece has?

Eta erantzuna: “Output gaps can only be closed by increasing output. That requires increased net public spending not balanced fiscal positions or even surpluses.”

Zergak?: “Purchasing power taken of the ‘rich tax evaders’ might be at the expense of saving but will still not deliver the required net boost.”

Datu batzuk: “Greece has lost 25 per cent of its real GDP since 2008. While potential output has also surely declined (as firms have scrapped productive capital) in the face of a massive decline in the investment ratio, it remains there is a huge unused capacity in the country. The mass unemployment is testament to that.”

Defizit publikoa:”While there might be good reasons for redistributing the existing fiscal outlays across the competing interests, the overwhelming fact is that the Greek public deficit has to rise substantially by multiples of the current Stability and Growth Pact fiscal limits of 3 per cent.

3) Politika fiskala

Running a fiscally-neutral policy to help people will only partially stimulate overall spending in the nation. The reality is that Greece needs a public stimulus that is way beyond anything that is allowed under the current rules.

Izan ere, “A balanced budget position doesn’t resolve that issue.

4) Erabaki soil bat

… the Greeks can fix that in a single decision – leave the Eurozone and restore currency sovereignty.”

5) Agendatik at

Baina goiko erabaki hori agendatik at dago, “because the progressive left in Greece appear to have bought the line that the ‘European Project’ requires a monetary union and being in the Eurozone is a sign of sophistication…

5) Argi baino argiago…

But the idea that Greece will return to some backwater if it is not part of the Eurozone is a delusion.”


i) Zer ari da gertatzen?

After several weeks since the election we are still not exactly clear what is happening.”

ii) Arrazoizko ondorio garbia

But the only reasonable conclusion to date is that Syriza’s stated policy aims are not mutually consistent and that is why they have given significant ground to the Troika – er, The Institutions!

iii) Ezin dira errentako zein ekitateko nola hazkundeko handitzeak gauzatu, Bruselak defizit fiskalak markatuz

They cannot achieve the (motherhood) aspirations of higher growth and increased incomes and equity while allowing Brussels to dominate the magnitude of their fiscal deficits7.

iv) Indar progresiboek ez dute biztanleria hezi berorren moneta euroa izateak dakarren kalteaz

Their policy pledges resonate with the suffering population. But the reality is that the population is not being educated by progressive forces about the self-inflicted damage that retaining the euro as their currency is causing.

Argi gera bedi:

Political parties that make it a root-and-branch commitment to remain in the Eurozone do not help.”

Berriz, Warren Mosler-ek dioenez,

Bill, glad to see we’re in good company on the collaboration issue!

3 Ikus Don’t mention the war! er the Troika…:

4 Hauxe gehituz: “Juncker’s plan is so small in scale that it will not do the trick. And Germany will not agree to any larger Eurobonds-type scheme. The authors merely assert that the scale of the program would be sufficient. If Germany is excluded, real GDP in 2013 for the remaining Eurozone nations was some 4 per cent below its 2007 level (some 253 billion euros). Similarly, investment was about 27 per cent lower. Even assuming a very generous spending multiplier, the injection that would be required to make up that gap would dwarf the previous allocations that the EIB has handled.”

Bilioi amerikar bat: 109

5 Ingelesez: “… the US program was heavily weighted towards providing relief to unemployed and impoverished citizens in the form of cash payments and direct public sector job creation.”

6 Ingelesez: New Deal… “… is outside of the ambit of the ‘Modest Proposal’ and thus it is questionable whether an investment-led answer to the deficient total spending will generate the gains necessary to lift household consumption in say Greece, where in 2013, it was around 25 per cent below its 2007 value.”

7 Hauxe gehituz: “They cannot achieve their aims with a fixed exchange rate (effectively no independent exchange rate) with Germany as a partner in the monetary union.”

Troika? Ez aipatu, arren! (2)

Hasteko, ikus Troika? Ez aipatu arren!(1)1.

Bill Mitchell-ek gogoratzen digu Greziako gobernuak sinaturiko ‘dokumentua2:

The document says that the Greek government will:

Ensure that its fight against the humanitarian crisis has no negative fiscal effect.

What exactly is a “negative fiscal effect”. Well, for you etymologists, it is neo-liberal Groupthink speak for increasing the fiscal deficit.”

Are gehiago3

Galbraith-ek dioenez, bere artikuluan4


the reforms offered and now agreed to are not conditional on any EIB activity.5

Behar dena hauxe da:

A massive fiscal intervention is needed even though we know that the potential growth path of the economy is significantly lower than it was pre-crisis.”

Finantza Ministro Varoufakis-ek, aldiz, hauxe dio:

… a Eurozone breakup would destroy the European Union, except perhaps in name” which would pose a “global danger”.”

Mitchell ez dago ados aipaturiko baieztapen horrekin6, ezta Varoufakis-ek Grexit delakoaz dioena ere.

Grexit dela eta, hona hemen irakurri ohi dena:

is a common claim…That the currency will depreciate so much it will wipe out any real prosperity as a result of the devalued savings (expressed in drachma).

It have considered the claim that a new Greek currency would significantly depreciate against the euro once issued previously.”

Alta, hona Mitchell-en hitzak:

Why would that happen? Foreign exchange parities are determined by supply and demand.

Who would be issuing the new Drachma? Answer: Only one institution – the Greek government via the central bank.

What is the current volume (supply) of new Drachma in the foreign exchange markets? Answer: zero – it doesn’t exist.

If the Greek government restricted its supply but were able to require people to demand it – to pay taxes etc – then why would the currency depreciate violently in the period after issue?7

Lehen ondorioak:

The basic conclusion is that it is hard to see how a proposal that involves no fiscal transfers or changes to the Treaty can provide a lasting solution to the mess.

The modesty of the proposal is its shortcoming. It will not solve the inherent problems within the Eurozone, which are defined by the very political constraints that the authors recognise force them to adopt these ‘modest’ proposals, in lieu of more effective and lasting solutions.

Afera argi dago:

The political constraints they identify include those that prevent the ECB from funding governments directly, the inability to issue euro-bonds, the impasse over the creation of a “properly functioning federal transfer union”; and the time delays that would be involved in activating any Treaty changes, once agreed.”


Warren Mosler-ek hauxe dio, Mitchell-en artikuluari egindako iruzkinetan:

Bill, glad to see we’re in good company on the collaboration issue!

(Segituko du)

2 Ikus Don’t mention the war! er the Troika…:

3 Ingelesez: “… the Greek plan which includes a commitment to run a primary fiscal surplus this year of 1.5 per cent (that is, surplus net of interest income paid out) apparently isbased on their belief that a massive fiscal stimulus is going to come from the European Investment Bank (EIB) which will end austerity by boosting growth and employment.

It is like a massive export income boost or a federal injection to a state.”

4 Ingelesez: “There is no money in Greece; the government is bankrupt. Large-scale Keynesian policies were never on the table as they would necessarily imply exit – an expansionary policy in a new currency, with all the usual dangers. Inside the Euro, investment funds have to come from better tax collection, or from the outside, including private investors and the European Investment Bank.

Which is true.”

5 Gainera: “Trying to exploit different propensities to consume among different taxpaying cohorts is not going to provide sufficient spending capacity in Greece to dent the crisis much less solve it.”

6 Ingelesez: “I disagree with those assertions and my forthcoming book tells you why.

You can read the book text as it was written in unedited form via this link – Euro Book. [].

I do not consider an exit to be a disastrous option. For example, the Finance Minister wrote in 2012 a critiqueWeisbrot and Krugman are Wrong: Greece cannot pull off an Argentinawho both advocated an exit.

7 Hauxe gaineratuz: “You are thinking (like most people) of an existing tradable currency that is unpegged or something like that. Then the depreciation can be sudden because there is a lot of supply.

A significant exchange rate depreciation of the new drachma in the short-term given the fact that supply would be limited. The examples often used, such as Iceland and Argentina, all relate to currencies that were already supplied in volumes to the foreign exchange markets.

Troika? Ez aipatu, arren! (1)

Hona hemen eztabaidarako beste lan interesgarri bat1. Bertan Grezia, Syriza eta ezkerra zer ote den aipatzen dira.

Badirudi Grezian hitz batzuk aipatzea debekatuta dagoela2.

Dirudienez, ‘denbora’ da kontua3.

Bill Mitchell-ek jakin badaki.

I know that I am an armchair observer. I know the Greek Finance Minister personally and he is very bright. I know that.

I know that the US economist, James Galbraith, who many mistakenly label as a proponent of Modern Monetary Theory (MMT), is in Athens and knows ‘inside stuff’ and assures us all is going to plan – see Reading The Greek Deal Correctly.”

Esperantza ona da baina iruzurra txarra da4.

Manolis Glezos ezaguna da Grezian. Hona hemen berari buruz Mitchell-ek dioena5.

Tsipras-ek ez bide du ulertzen Glezos-ek esandakoa6.

Baina argiago eta garbiago ezin esan7.

Eta zer esan James Galbraith-ez?

(Hala Warren Mosler-ek nola Bill Mitchell-ek, biek, oso ongi ezagutzen dute J. Galbraith.)

Hona Mitchell-ek dioena, Galbraith-en jarreraz:

Galbraith is on the public record as supporting Greece staying the euro. I completely disagree with his rationalisation of that position.”

Mitchell-ek luze idatzi du azken egunotan Greziari buruz8. (Blog honetan Mitchell-ek idatzitakoez aritu gara azken bolada honetan, luze ere.)

Argi geratu zaiguna, oso argi ondokoa da:

It is clear that Syriza could not honour its end austerity pledges and still stay in the Eurozone. They should have been honest about that in the first place.”

(Segituko du.)

1 Ikus Don’t mention the war! er the Troika…:

2 Mitchell-ek, ingelesez: “Apparently, it is now a case of ‘Don’t mention the Troika’, ‘Don’t mention the Memorandum’ and never ever talk about the ‘Lenders’. The bullying threesome (European Commission, ECB and the IMF) are now known as “the institutions” and the “Memorandum” (the bailout package) is now to be called “The Agreement” and the “Lenders” have been recast as the “Partners”. Okay, and that is progress. The Reform package surely lets the Greeks choose which nasty policy they will implement but it is still nasty. Yes, it “buys them time”.

3 Ingelesez. “Yes, it “buys them time”. The damage from massive unemployment and poverty eats into people every day. 4 months is a long time when you are on the street starving. And by the time this agreement is done – will the Germans be happy to unleash billions of euros via the European Investment Bank to allow the Greek government to continue running fiscal primary surpluses and keep pumping interest income on outstanding debt into ‘foreign’ coffers? Pigs might fly.”

4 Ingelesez: “He [Galbraith] lectures those who would claim that the Greeks have surrendered again as being incorrect! Okay. We will see on that one. There are several others – mostly ‘progressives’ – who are constructing the Reforms and the process to date in a positive light – almost as if they want to hang onto the thinnest thread of hope given how bleak the overall situation is.

5 Ingelesez: “One Syriza MP clearly believes that the Greek people are being sold out by his own party. I guess Alex Tsipras and the Finance Minister “respect” the national Greek hero from World War II – Manolis Glezos – but don’t think much of what he has to say.

Glezos was the person who was in the Greek resistance against the Nazis during the World War II occupation. Together with another resistance member he tore the swastika flag down from the Acropolis on May 20, 1941, which was a famous historical act that inspired broader resistance. He has a history of travail and imprisonment in the face of oppression – first the Nazis, then against the right-wingers during the – Greek Civil War, and then during the Cold War. He is now a Syriza Parliamentary Member and has written in Monthly Review (February 22, 2015) – Before It Is Too Late – that the Greek peope voted on January 25, 2015 for “what SYRIZA promised”.

He said it was unambiguous:

We will overthrow the regime of austerity that is not only the strategy of the oligarchy in Germany and other EU creditor states, but also the Greek oligarchy. We will get rid of the Memoranda and the Troika and repeal all the austerity laws. The day after the elections, with one law we will overthrow the Troika and overturn its consequences. The developments to date have clearly not honoured those pledges. Glezos then said: For my part, I apologize to the Greek people because I, too, was a collaborator in the creation of this illusion.

6 Ingelesez: “The EUObserver reported (February , 2015) – Greece tables reforms, awaits eurozone approval – that:

Tsipras’ spokesman said that Glezos is “someone whom we will never cease to honour,” but that his comments were “misguided and wrong”.

7 Ingelesez: “Glezos clearly understands external oppression and he is right to say that the whole Eurozone arrangements with the Eurogroup as one of the central enforcing groups is an oppressive regime. There are no guns involved but the oppression and the undermining of democracy and national sovereignty is real.

It is invasion and occupation by another means.”

Pro domo?

Birritan aipatu dut Pro domo blog honetan:

a) 2012an: Idaztea? Izkiribatzea?1

b) 2013an: Larrabetzu: liburuaren aurkezpena eta iruzkin batzuk2

Oraingo honetan, berriz ere, hitz berberak aipatu ditut, galdera markarekin.

Inori minik eman nahi gabe, barrenak diosdana plazaratu beharra daukat.

Grezia dela eta, lehen Italia zela eta ez zela bezalaxe, aparteko aukera izan da, eta oraindik da eztabaida interesgarriak, oso interesgarriak irakurtzeko, ikertzeko, eta ene ustez, haietatik ikasteko.

Izan ere, Grezia dela medio, Syriza dela kausa, funtsean Europako ezkerra dela eta, eztabaida sakonak ikusten ari gara (ingelesez gehienak!) ez soilik Europan, Mundu zabalean baizik.

DTM-ren inguruan bi ikerlarik hartu dute parte sakonki, baita bustiraino ere: W. Molser eta B. Mitchell. (Mitchell, gainera, Greziako oraingo finantza ministro Yanis Varoufakis-en laguna da.)

Beste alde batetik, Espainian (una, grande y libre-n, noski) beste aire desberdinak ari dira mugitzen. Izquierda Unida-z ari naiz, eta jainkoak libra nazala IU-rekin ados egoteko esatetik! Arren! Euskaldun separatista hutsa naiz!

Hona hemen job guarantee (lan bermea) delakoaz tanta interesgarri bat: Job Guarantee (espainieraz)3.

Are gehiago DTM-ren aitaponteko baten liburua, Randall Wray-ren Teoría Monetaria Moderno4 delakoaren aurkezpena5 Madrilen eratu du IU-ko inguruko jendeak.

Ezker Abertzaleko bati, oso ezaguna den bati, aspaldian aipatu nion Warren Mosler-en liburua, hots, The 7 Deadly Innocent Frauds of Economic Policy, euskarara itzultzeko, baita prest nengoela hitzaurre/aurkezpen moduko bat egiteko ere, Mosler prest zegoela Euskal Herrira etortzeko gaineratuz.

Oso ongi (sic) … eta gaur arte.

Aldiz, EHko ‘ezkertiar’ batzuk liluratuta bide daude Podemos-ekin! Eta horrek kezkatzen nau, erabat eta sakonki kezkatu!

Halaber, min ematen didate ezkerraren izenean, Euskal Herrian esaten eta idazten diren egia biribilek.

Zer egin, hortaz?

Jende askotxok esaten didatenez, ‘gureak’ direnekin egon behar naizela, beraiekin lan egin.

Nahi nuke, baina zaila egiten zait.


1) Alde batetik Penelope-rekin (aka Gure Esku Dago) oso noizean behin (urtean behin?!) kalera ateratzea? Beste aldetik, erabat kontrolaturiko espazioren batean parte hartzea, non aspertu arte betiko egia potoloak errepikatzen diren?

2) Ala oilategi hutsak diren irrati zein telebistako mahai inguruetan parte hartzea?

No way!

Eman ditzagun, erremedio gisa edo, blog honetako tantatxo batzuk:

  1. Independentzia politikoa ez da nahikoa6

  2. Strong opinions, iritzi sendoa7

  3. Aurrezki kutxez (Iñaki-ren e-posta)8

  4. Zer egin EHn?9

Gehi job guaranteee, noski, hots, lan bermea.

Ez dugula ikasi nahi? Ongi, esan dezagun hori ozen eta argi!

Bestela, Mitchell-ek, Greziaz, Syrizaz eta ezkerraz esaten duenez10,

1) The only reasonable conclusion to date is that Syriza’s stated policy aims are not mutually consistent and that is why they have given significant ground to the Troika – er, The Institutions!

2) They cannot achieve the (motherhood) aspirations of higher growth and increased incomes and equity while allowing Brussels to dominate the magnitude of their fiscal deficits.

3) Their policy pledges resonate with the suffering population. But the reality is that the population is not being educated by progressive forces about the self-inflicted damage that retaining the euro as their currency is causing.

4) Political parties that make it a root-and-branch commitment to remain in the Eurozone do not help.

Izan al liteke hori berori gure etorkizuna?

10 Ikus Don’t mention the war! er the Troika…:

Grexit (Greek Exit)?

1) Grexit

Zertan datzan1.

2) Grezia eta Syriza: aurretik dakiguna

Z plana2.

3) 2015eko Grexit-i buruzko jarrerak eta eztabaidak

3-a) EB eta Grezia: biak garaile?3

The threat of a ‘Grexit’- a scenario in which Greece leaves the eurozone- has been on the rise since the new Syriza government won the general election in late January.


If Greece doesn’t accept what the EU offers – high interest loans – it will have to leave the euro and print its own currency to support Greek banks in desperate need of liquidity.

It will create short-term volatility in the marketplace… this is the beginning of something better for Greece and Europe,” Jakobsen said.”

3-b) Der Spiegel-en Grexit dilema4

Banks across Europe, including the European Central Bank, are preparing for the possibility of Greece leaving the euro zone. With Athens and Brussels still at odds, such an eventuality seems more realistic than ever. But how disruptive would a Grexit really be?On Wednesday of this week, 30 top managers at a large German bank all received a text message and an email at the exact same time. A short time later, their mobile phones rang with an automated voice giving them all passwords and a number to call at exactly 8:30 a.m. to join a teleconference with the board of directors.

The communication blast was the initial step of the bank’s emergency “Grexit” plan, a strategy laid out in a document dozens of pages long detailing exactly how managers should react in the event that Greece leaves the euro zone.

Each of the 30 bank managers were required to work through the emergency measures pertaining to his or her division. Information was to be transferred to the supervisory board and public officials were likewise to be kept informed as was the German Finance Ministry. The plan also called for large investors to be put at ease. Questions pertaining to potential bank losses from Greek bond holdings were to be addressed as were changes in monetary transactions with Greece once it was no longer part of the common currency zone.

The response also extended to internal bank communication, with instructions to employees for dealing with the new situation posted in the financial institution’s intranet. Customers and stake holders were also to be kept informed.

At exactly 6 p.m., the crisis came to an end, as did the work day. Plan “Grexit” was just a dry run, nothing more. At least not yet.

Such scenarios are being acted out across Europe these days as companies, banks and governments all prepare for the kind of worst case scenario that isn’t even addressed in euro-zone statutes: the exit of one of the common currency area’s member states.”


The only other option would appear to be Greece’s departure from the common currency union, the possible effects of which both sides are busily calculating. What would abandoning the euro do to the Greek economy? How high would the costs be for the euro zone? What would be the political consequences were Athens to turn away from Europe?

The European Central Bank (ECB) is also preparing for a possible Grexit. Officials are busily performing internal simulations to determine how the rest of the euro zone could be kept together if Greece goes. ECB officials believe that chances of a Greek exit have increased in recent days and, despite their strenuous denials, are urging Athens to finally implement capital controls in order to stem ongoing capital flight. Every day, Greeks are sending in excess of a billion euros abroad, the ECB believes.”

4) Paul Krugman5


5. Ideals aside, … Grexit — the often speculated about, never so far materializing Greek exit from the euro — becomes a very real possibility if European creditors try to exert leverage by taking away the safety net for Greek banks.

6. And if Greece really does leave the euro — if it turns out that the single currency is not irreversible — do you really think there would be no contagion? Wanna bet on it?

7. In particular, think about what happens if Greece leaves the euro and then manages to find its footing — which it probably would after a chaotic year or two. The EU could prevent that by deliberately undermining the post-euro Greek economy. But that would be a betrayal of European principles.”

5) Warren Mosler

Aspaldiko lanak: Eurogunetik irteteko estrategia6

Italiarako ikus Returning to the Lira7

6) Bill Mitchell

2015eko lanak8.

7) Alemania ez da fidatzen Greziaren promesez9

No payments will be made to Athens unless Greek govt meets its commitments in full.”

8) Dudak berriz Grezian10

… even Syriza officials admitted, “it is difficult to determine how the government can fulfill its promises, including the debt write-off, with this agreement,”as doubts arise across Europe’s policymakers…”


Grexit in four months?

Grezia eurogunetik irtetea lau hilabete barru?

3 Ikus Grexit: Win for both EU and Greece?:

4 Ikus The Grexit Dilemma: What Would Happen if Greece Leaves the Euro Zone?:

9 Ikus Schäuble: “Germans Doubt Greek Promises”, No More Money For Athens Until All Commitments Met:

10 Ikus Doubts (And Bond Yields) Are Rising Again In Greece:

Tragikomediatik tragediarantz?

  1. Txostenaren autoreaz1

Zeinek idatzi zuen ‘akordiorako’ txostena?

… after all Yanis Varoufakis may have simply sent to the European Commission his final word document, which was then converted to a pdf for broad distribution.

There is only one problem with this explanation: it is wrong.

The reason it is wrong is because the metadata of pdf files follows the creator of the original doc file, not the creator of the pdf file.” 

  1. Alternatiba?2

Syrizako komite zentraleko kide baten iritzia:

The strategy of Syriza’s leadership has failed miserably. But it’s not too late to avert total defeat.”

If Syriza still has a reason for existing as a political subject, a force for the elaboration of emancipatory politics, and for contribution to the struggles of the subordinated classes, it must be a part of this effort to initiate an in-depth analysis of the present situation and the means of overcoming it.”

  1. Grexit in four months?

Let’s wait and see…

1 Ikus About The Authorship Of The Infamous “Greek Reforms” Memo:

Tragikomediak segitzen du!

Gorabehera adierazgarri batzuk kenduta (ikus beheko linkak)…

1) Initial “Greek Euphoria” Ends As Market Digests Road Ahead For Europe:

2) Tsipras Tamed as Economists Declare Greece Loses Austerity Fight:

Complete” surrender by the Greeks. “Major victory” for the eurocrats.

3) The Annotated Timeline Of A 6 Year (And Counting) Greek Tragedy

4) The Math Doesn’t Add Up

5) Syriza MP Asks $330bn Question: “How Will 4-Month Extension Improve Our Negotiating Position?”

The moments are absolutely critical to society, the nation and of course the Left. The democratic legitimacy of the government rests in Syriza program. The minimum requirement is to have an open discussion on party members and the Parliamentary Group. Key responses should immediately give these questions to keep the great support and momentum gives us the Greek people. The answers will be given the next period will determine the future of country and society.”

6) Troika “Happy” With Revised List Of Greek Reform Promises: Full Varoufakis Letter

7) The can is now officially kicked for another four months. EU signals its approval of Greece’s list of reforms

8) Greek Bailout Extension Approved By Euroarea

Hoberena orain dator:

9) The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package?

As it turns out, the reason why not only the Troika received an agreed to version of the Greek reform proposals “before midnight on Monday”, but rushed these through with a favorable agreement today, is that, drumroll, the European Commission drafted the entire letter!

All Yanis Varoufakis had to do was agree to the letter that the Troika had previously written and agreed in advance was agreeable to it, and send it back.The skeptics are encouraged to play around the original pdf “leak” found here.”

Warren Mosler-ek idatzi duen moduan…

10) Greece, Euro inflation:

Greece gets to choose its own poison.”

Liburu berria: Eurozone Dystopia – Groupthink and Denial on a Grand Scale

Ikus Bill Mitchell-en Eurozone Dystopia – Groupthink and Denial on a Grand Scale – Early peek1

Front Cover


Back Cover


Complete dust jacket


And I should add that the book cover was selected months ago and so was before this great cartoon from the Irish Times cartoonist – Martyn Turner – which appeared on February 21, 2015.