[OPE] The Greek External Debt and Imperialist Rivalries

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> Date: Sun, 21 Feb 2010 16:23:07 +0200
> From: smavro@uom.gr
> Subject: The Greek External Debt and Imperialist Rivalries
>
>
> Dear friends,
> sorry for this uninhibited self-promotion but since Greece has captured the
> headlines nowadays you maybe interested in the following publication (in the
> MRzine):
>
> Stavros Mavroudeas, "The Greek External Debt and Imperialist Rivalries: 'One
> Thief Stealing from Another'"
>
> The hegemonic European powers actually decided in advance to discipline the more
> backward economies of the zone and also to make a significant profit out of
> interest rate extortion. Thus, the debt problem is being consciously
> exacerbated in order to: 1. force the reduction of the labor cost (thus making
> their own activities there more profitable); 2. impose higher interest rates
> (thus giving their financial institutions, which are the main lenders, a hefty
> bonus); 3. reduce the amount of money they would need to pay in case a rescue
> package becomes necessary. . . . Greek capitalism plays along with this game
> and tries to turn its difficulties into opportunities. It put up only a feeble
> resistance against the aforementioned pressures (although it knows well that
> the crux of the problem is its participation in the eurozone) because of its
> internal imbalances and also because of geopolitical fears (i.e. the conflict
> with Turkey). Thus, it has just about relinquished economic policy to Brussels
> and agreed to pay a hefty risk premium to foreign lenders. Accordingly, it is
> pushing for deep pro-capitalist structural changes by raising the spectre of
> default while sniveling that it is being obliged to do so by the EU. That is
> how it pays a premium to the stronger European imperialisms while attempting to
> pass its own burden to the Greek people.
>
> http://mrzine.monthlyreview.org/2010/mavroudeas200210.html
>
> Best regards
>
> Stavros Mavroudeas

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