Greece #3

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NDPP

The True Face of Greek PM Alexis Tsipras

http://www.globalresearch.ca/the-true-face-of-greek-prime-minister-alexi...

"Meets up with Netanyahu, endorses Jerusalem as Israel's capital. A former Israeli diplomatic official said that Tsipras' reference to Jerusalem as Israel's capital was 'unprecedented, especially for a European leader.'

NDPP

Greek Pensioners Protest Over Austerity Reforms (and PHOTOs)

https://www.rt.com/business/323653-greece-pensioners-protests-austerity/

"Over 2,000 pensioners took to the streets of Athens on Thursday protesting pension cuts and changes to social security. Protests also occurred in 12 other Greek cities and towns with pensioners holding placards and chanting 'We can't live on 300 Euro!'

Pensioner Chrystos Kirikas told Reuters that the administration of Greek Prime Minister Alexis Tsipras is to be blamed for the ongoing economic crisis.

'They need to hear us. They should be ashamed of themselves, these parties on the Left who are starving us. I worked for 50 years of my life and now we are going hungry. Why is this happening?'..."

NDPP

Little Oedipus and the Troika  -  by Luciana Bohne

http://www.counterpunch.org/2015/12/28/little-oedipus-and-the-troika/

"Whatever happened to Syriza? Was it a good party that came to a bad end or a bad party that came to a bad end? It's the difference between tragedy and farce.

We live in a time of kleptocracy and naked autocracy by finance capital. This hegemony requires the forward thrust of global imperialist aggression. This onslaught cannot be 'improved'. It is a run-away train two inches away from dragging humanity into the abyss.

Trying to reverse its course by applying the rusted brakes of a kinder, gentler capitalism is delusional.

Nor do we live in a time of peaceful capitalism: wartime chauvinism is rampant and rabid; the bleating appeal for reforms is drowned by the cacaphony of mind-numbing lies and mind-abusive propaganda in officialdom and its media.

The Troika wrung Syriza's political neck as neatly as if it were a chicken's. Having thus neutralized political power, it annexed Greece economically. To update Rosa Luxemberg's WWI era famous quotation, we can only conclude that today

'Greek social democracy is a putrid corpse.'

And others...

epaulo13 epaulo13's picture

Greek lawyers stage indefinite strike against pension cuts

Lawyers across Greece began an indefinite strike yesterday, Thursday, against pension cuts the Syriza government is pushing through to appease its creditors. Up to 15,000 lawyers and supporters marched through the streets of the capital Athens.

Thanassis Kampagianis is a socialist lawyer on the prosecution team for the trial of Nazi party Golden Dawn—currently on hold for the strike. He told Socialist Worker, “This was a massive eruption of the whole profession to stop the pensions bill going to parliament.

“Participation was massive. Everyone was on strike—from the salaried lawyers at the big law firms to their bosses, as well as self-employed lawyers and law students.”

epaulo13 epaulo13's picture

'We will come to Athens and burn them': political protest returns to Greece

Farmers’ roadblocks, ferries immobilised in ports, pensioners taking to the streets: protest has returned to Greece in what many fear could be the beginning of the crisis-plagued country’s most confrontational winter yet.

From the Greek-Bulgarian frontier to the southern island of Crete, farmers are up in arms over the spectre of more internationally mandated austerity.

“It’s war,” says Dimitris Vergos, a corn grower speaking from the northern town of Naoussa. “If they [politicians] go on pushing us to the edge, if they want to dehumanise us further, we will come to Athens and burn them all.”

With the rhetoric at such levels, prime minister Alexis Tsipras’s leftist-led administration has suddenly found itself on the defensive. Faced with a series of demonstrations – fishermen and stockbreeders will join blockades on Thursday when public and private sector workers also take to the streets – analysts say any honeymoon period Tsipras may once have enjoyed is over....

iyraste1313

no doubt the CBC outrageous slants vs. left wing NDP type parties let this report slip through!

I would suggest to Trudeau`s advisors as they plan their rejuvenation of the CBC, to find a few slightly sharper conmen to guide our Orwellian network!...

 

News World CBC News Navigation Greece grinds to a halt in general strike over pension reforms Opposition to pension reform has cut across wide swath of occupational groups

The Associated Press Posted: Feb 04, 2016 2:42 AM ET Last Updated: Feb 04, 2016 7:40 AM ET

Protesters from the Communist-affiliated trade union PAME march during a 24-hour general strike against planned pension reforms in central Athens, Greece on Thursday.

Protesters from the Communist-affiliated trade union PAME march during a 24-hour general strike against planned pension reforms in central Athens, Greece on Thursday. (Alkis Konstantinidis/Reuters)

 

Services across Greece ground to a halt Thursday as workers joined in a massive general strike that cancelled flights, ferries and public transport, shut down schools, courts and pharmacies, and left public hospitals with emergency staff.

Well over 20,000 supporters of a Communist party-backed union were marching through central Athens, while around 10,000 more people — including about 1,000 lawyers in suits and ties — were gathering for a separate demonstration.

iyraste1313

Q. Finally, what are the prospects in a short-term and which are the options for the left?

Mavroudeas: For now Syriza is crumbling rapidly; losing popular support. At the same time a coherent neoliberal bloc is being built around New Democracy. This bloc presses the capitulated Syriza to move even further to the right (in order to save its skin by accommodating with the bourgeoisie and the EU). This means that the official political spectrum is moving rapidly to the right. At the same time the society is rapidly polarizing between the rich and the poor. This leads to a huge discrepancy between political representation and social structure. This leaves room for the left, the true left. The left must venture boldly to offer to the working people a realistic pro-popular political proposal: leaving the EU completely and moving to restructure the Greek economy as a pre-condition for socialist transition.

This is a transcript of Stavros Mavroudeas’s interview with the Catalan website DIRECTA.

Stavros Mavroudeas is a Professor of Political Economy in the Economics Department of the University of Macedonia.

 

NDPP

800 Greek Farmers Storm Agriculture Ministry in Athens, Police Fire Tear Gas (and vid)

http://www.rt.com/news/332243-athens-farmers-clash-police/

"Police in Athens have used tear gas to disperse a rally of farmers protesting austerity measures as they pelted the Agriculture Ministry with stones. A larger protest demonstration is due to start later Friday..."

 

More from iyraste1313 Mavroudeas interview above

Why Syriza is Sinking in Greece

http://www.counterpunch.org/2016/02/09/why-syriza-is-sinking-in-greece/

"Syriza has revamped itself to the people as a milder manager of the troika austerity poliices. For now, Syriza is crumbling rapidly, losing popular support. At the same time, a coherent neoliberal bloc is being built across New Democracy. This bloc presses the capitulated Syriza to move even further to the right (in order to save its skin by accommodating with the bourgeoisie and the EU)."

NDPP

Syriza-Led Greek Government Takes Its Place in US War Drive Alongside Israel

http://www.wsws.org/en/articles/2016/02/20/syri-f20.html

"Greece's 'radical left' Syriza party is forging a close military alliance with Israel, one of Washington's key allies in the Middle East. It is now positioning itself as a direct military ally of US imperialism in schemes that can drag the entire Middle East and Europe into war..."

NDPP

Greece Loses Its Soul

http://www.counterpunch.org/2016/04/12/greece-loses-its-soul/

"It's all about saving the Banks, saving the Creditors. Nowadays, Greece is a protectorate, a subject state..."

NDPP

Syriza Government Pushes Through New Austerity Package in Greece  -  by Katerina Selin

http://www.wsws.org/en/articles/2016/05/23/syriza-m23.html

"The rightward shift of the pseudo-left party Syriza has reached a new peak. On Sunday the Greek government pushed an austerity package through the parliament that puts all such previous measures in the shade..."

NDPP

The Looting Stage of Capitalism: Germany's Assault on the IMF

http://www.counterpunch.org/2016/05/26/the-looting-stage-of-capitalism-g...

"Having successfully used the EU to conquer the Greek people by turning the Greek 'leftwing' government into a pawn of Germany's banks, Germany now finds the IMF in the way of its plan to loot Greece into oblivion..."

NDPP

The Financial Invasion of Greece  - Hudson-Peries

http://www.counterpunch.org/2016/05/24/the-financial-invasion-of-greece/

"...They're using finance as the new means of war."

NDPP

Foolish Greece Now Joins NATO Gas War  -  by F William Engdahl

http://russia-insider.com/en/politics/foolish-greece-now-joins-nato-gas-...

"European gas geopolitics are rapidly becoming as risky as its oil geopolitics. On May 17, Alexis Tsipras, Greek opportunist in chief and Prime Minister, signed an agreement in Thessaloniki to inaugurate the start of construction for the 550 km Trans Adriatic Pipeline (TAP) through Greece..."

iyraste1313

What a total capitulation...this bodes badly for any shred of respect for social democratic politics globally...the Greek people will not forget these betrayals!

epaulo13 epaulo13's picture

Under the same roof”: some thoughts on the experience of the occupation of the City Plaza hotel

quote:

This new role for the solidarity movement is explicitly distinct from that of establishment structures and the division of EU funds from refugees between non governmental organisations. It is defined by the new needs that are created, both immediate and longer term, which will function as the cutting edge for new struggles. This means, at least as regards the agenda of new demands towards the government and other institutional actors, that, apart from demanding better living conditions for refugees, the issue of the political orientation of the institutional agenda for refugee policy is also brought to bear, namely the organisation of a policy based on social inclusion and the recognition of an equal role for refugees in society.

In this context, through solidarity practices, there emerge, timidly perhaps, new paradigms with transformative potential. Though the practice of occupying buildings for housing and social purposes has its roots in the now distant 70s, in central and Northern European countries –countries in which the issue of housing had emphatically emerged during that period– the truth is that the Greek experience is very limited. In spite of this, the arrival and the stay of refugees in Greece appears to be the impetus for the creation of a new paradigm.

Occupied hotel City Plaza has up to now housed around 150 refugees, of which over 50 are children – and sets a dynamic example with transformative potential. For how can  a seven floor hotel in good condition remain shut when at the same time underage children are sleeping in the streets, having previously survived war or even deadly sea journeys from Turkey to the Greek islands? The protection of human life and dignity can only be the strongest grounds for social utilisation, regardless of the problems that arise, big or small. This is also true for the occupied building on Notara street, which has now been in place for over six months, and which has greatly contributed to tackling the serious issue of refugee housing, as well as for other smaller attempts at housing provision which began in response to the refugee “crisis” and the need for creation of new forms of solidarity.

josh

AFP news agency ‏@AFP

#BREAKING IMF says Europe must provide more relief for Greece's 'highly unsustainable,' 'explosive' debt 

 

 

Sean in Ottawa

josh wrote:

AFP news agency ‏@AFP

#BREAKING IMF says Europe must provide more relief for Greece's 'highly unsustainable,' 'explosive' debt 

 

 

This is not news. The IMF has previously said that contracting the Greek economy below the size possible to handle its debts could not end well. The Greeks were broken.

The last time we saw a country broken down on purpose to this degree by its neighbours to the point that it could no longer pay what was expected -- from the same people who broke it down -- was following the First World War.

The fact that Germany could do this to Greece after its own history of 1919 is hard to understand. When you put a country to the point where it absolutely cannot pay what you are trying to extract, nothing good will come. Greece has performed with more stability than anyone ought to have expected

Mr. Magoo Mr. Magoo's picture

Quote:
The fact that Germany could do this to Greece after its own history of 1919 is hard to understand.

To be fair, though, Germany was assigned "reparations" to pay -- basically an arbitrary fine for having lost the war.

Greece isn't being fined, it's being required to pay back what it borrowed.

I don't disagree, though, that if you have to pay someone $1000 -- whether it's a fine or a loan -- and you only have $600 then there cannot be a happy ending.

kropotkin1951 kropotkin1951's picture

Mr. Magoo wrote:

Quote:
The fact that Germany could do this to Greece after its own history of 1919 is hard to understand.

To be fair, though, Germany was assigned "reparations" to pay -- basically an arbitrary fine for having lost the war.

Greece isn't being fined, it's being required to pay back what it borrowed.

I don't disagree, though, that if you have to pay someone $1000 -- whether it's a fine or a loan -- and you only have $600 then there cannot be a happy ending.

Its even worse when the money is borrowed using your name but you don't see any of it and then the loan shark comes after you instead of your rich cousin who spent it all.

Rev Pesky

kropotkin1951 wrote:
...Its even worse when the money is borrowed using your name but you don't see any of it and then the loan shark comes after you instead of your rich cousin who spent it all.

This is a concise and accurate description of what happened in Greece.

Sean in Ottawa

Rev Pesky wrote:

kropotkin1951 wrote:
...Its even worse when the money is borrowed using your name but you don't see any of it and then the loan shark comes after you instead of your rich cousin who spent it all.

This is a concise and accurate description of what happened in Greece.

sort of.

or a meddling person with power over you who decides what you should have and spends it on wasteful things -- "for you" only to send you the bill. You get to pay for what you did not want or choose to have. They pretend it was all for you and call you wasteful.

kropotkin1951 kropotkin1951's picture

Sean that is true but I was going for pithy. Something that I realize is not your strong suit.

Edzell Edzell's picture

kropotkin1951 wrote:

Sean that is true but I was going for pithy. Something that I realize is not your strong suit.

Oh please; not another pithing match!

Sean in Ottawa

Edzell wrote:

kropotkin1951 wrote:

Sean that is true but I was going for pithy. Something that I realize is not your strong suit.

Oh please; not another pithing match!

Tongue out

kropotkin1951 kropotkin1951's picture

epaulo13 epaulo13's picture

The Rise and Fall of Syriza: Finding a New Way Forward for Greece's Radical Left (1/3)

Author Helena Sheehan details her experience with Syriza, a Greek coalition of radical leftist groups, from its victory at the polls in 2015 to its surrender to the austerity measures it once promised to stand against

The Rise and Fall of Syriza: Finding a New Way Forward for Greece's Radical Left (2/3)

The Rise and Fall of Syriza: Finding a New Way Forward for Greece's Radical Left (3/3)

 

NorthReport

For decades after it was abandoned, not much was known about the Greek island of Spinalonga or its days as a leper colony – but all that is changing.

http://www.bbc.com/travel/story/20170921-the-abandoned-greek-island-shro...

NDPP

"Tsipras in DC seen by many Greek leftists as an 'unprecedented manifestation of subordination to US imperialists.'

https://twitter.com/telesurenglish/status/921567969083191297

Sean in Ottawa

NDPP wrote:

"Tsipras in DC seen by many Greek leftists as an 'unprecedented manifestation of subordination to US imperialists.'

https://twitter.com/telesurenglish/status/921567969083191297

It is obvious what he was trying to do and the reason for it. He probabky went sraight home to have a shower after.

Ken Burch Ken Burch's picture

Sean in Ottawa wrote:

NDPP wrote:

"Tsipras in DC seen by many Greek leftists as an 'unprecedented manifestation of subordination to US imperialists.'

https://twitter.com/telesurenglish/status/921567969083191297

It is obvious what he was trying to do and the reason for it. He probabky went sraight home to have a shower after.

The only decent and honorable thing Tsipiras can do is to dissolve SYRIZA and let a newer alternative Left party emerge in its place.  It isn't possible for SYRIZA to ever even be social democratic again after this.  Tsipiras probably did take a shower, but he can't stop act that.  He needs to accept that his party is now permanently discredited.

josh

Syriza discredited itself long before this.  

Pondering

Syriza was not elected as a leftist party or marxist. Syriza claimed it was putting that aside and asked for votes from everyone, "the right" included based on austerity being the only important topic of the moment.

Had they run as a leftist/Marxist party they would have lost.

Run on specific issues not ideology to win.

Mr. Magoo Mr. Magoo's picture

I suppose some might believe that Tsipras, and SYRIZA, were wolves in sheep's clothing all along -- "faux lefties" going through the motions just long enough to sell out the Greek working class at the earliest opportunity -- but that would surely lead to uncomfortable questions about why their election prompted so much high-fiving and fist-pumping and such back when they were elected.  Anyone remember how they were supposed to put capital over their knee?

But if they weren't always sell-outs then I think they still serve as a good warning against assuming that all politicians need to do is not wear ties, and be rebellious and defiant, and flip the bird to the right and everything will work out fine.  Seemed to me at the time that their whole plan consisted of a big "fuck you", and then -- surprise! -- it didn't work as well in the real world as it did in their heads.

cco

From my perspective on this side of the ocean, it came down to them being unwilling to break from the eurozone, and therefore compelled to accept German terms, despite having the people behind them. The equivalent lesson for Canada would be "Maintain control of your own monetary policy."

Ken Burch Ken Burch's picture

Mr. Magoo wrote:

I suppose some might believe that Tsipras, and SYRIZA, were wolves in sheep's clothing all along -- "faux lefties" going through the motions just long enough to sell out the Greek working class at the earliest opportunity -- but that would surely lead to uncomfortable questions about why their election prompted so much high-fiving and fist-pumping and such back when they were elected.  Anyone remember how they were supposed to put capital over their knee?

But if they weren't always sell-outs then I think they still serve as a good warning against assuming that all politicians need to do is not wear ties, and be rebellious and defiant, and flip the bird to the right and everything will work out fine.  Seemed to me at the time that their whole plan consisted of a big "fuck you", and then -- surprise! -- it didn't work as well in the real world as it did in their heads.

Nobody could know that at the time, for God's sakes.

 And what would you have had them do instead?  

There was nothing to the right of what SYRIZA proposed that could have been worth doing.

It's clear that wearing ties, showing public deference to the EU and obeying the austerity demands wouldn't have made any positive difference.  Look at the 1980s Labour councils in the UK who did what Labour's "responsible" leader Neil Kinnock wanted and agreed not to defy the Tories on rates and spending.  Every council who did that ended up abandoning all efforts to do anything to help the poor and the powerless-the policies of the "moderate" Labour councils became the exact same policies Tory councils would have brought in.  And as a result of that and of the crushing of all ideals and all calls for a society in any way different from Thatcherism at all(other than trivial increases in social spending), when Labour finally did regain power at Westminster, the gains for Labour supporters were unnoticeable and everything good was morally nullified by the invasions of Iraq and Afghanistan.

 

Mr. Magoo Mr. Magoo's picture

Quote:
Nobody could know that at the time, for God's sakes.

I agree.  Only time would tell.

 

Quote:
And what would you have had them do instead?

Wait to uncork the champagne?

Thing is, I think people could know that SYRIZA was inheriting a problem that couldn't be simplistically solved with a middle finger.  Sure, "Germany and the EU and neoliberalism and global capital and blah blah blah", but Greece had also been basically maxing out its credit card for years, and short of withdrawing from the EU -- which was not going to pay off that credit card anyway -- I think it was inevitable that they'd do what it took to prevent a totally failed state.  Meaning, of course, that they would join a long list of "class traitors", but it was all pretty inevitable.  Going from being made saviours to being made pariahs in about a year was just drama, IMHO.

Sean in Ottawa

cco wrote:

From my perspective on this side of the ocean, it came down to them being unwilling to break from the eurozone, and therefore compelled to accept German terms, despite having the people behind them. The equivalent lesson for Canada would be "Maintain control of your own monetary policy."

Exactly. You have hit the nail on the head.

This is something you cannot get back without great cost and even with political support.

The other lesson for Canada that we are learnign the hard way is that they say you can get out of trade agreements easily and we are seeing that this is not true. The price you pay going in is not refunded on the way out. So if Canada gives up whatever benefits we realized for NAFTA and the FTA, we will not get what we gave up to get these back quickly.

When it comes to trade agreements, Canada would need a substantial government investment and plan to manage losses should we get out of the agreement. Given other international trade rules, the return of leaving could be a while coming even if the imediate costs are high.

Ken Burch Ken Burch's picture

Mr. Magoo wrote:

Quote:
Nobody could know that at the time, for God's sakes.

I agree.  Only time would tell.

 

Quote:
And what would you have had them do instead?

Wait to uncork the champagne?

Thing is, I think people could know that SYRIZA was inheriting a problem that couldn't be simplistically solved with a middle finger.  Sure, "Germany and the EU and neoliberalism and global capital and blah blah blah", but Greece had also been basically maxing out its credit card for years, and short of withdrawing from the EU -- which was not going to pay off that credit card anyway -- I think it was inevitable that they'd do what it took to prevent a totally failed state.  Meaning, of course, that they would join a long list of "class traitors", but it was all pretty inevitable.  Going from being made saviours to being made pariahs in about a year was just drama, IMHO.

It's not as simple as "Greece had maxed out its credit cards".  The crisis was largely caused by Goldman Sachs and by the massive tax avoidance on the part of the Greek 1%. 

There was never a massive spending spree on social benefits.  Even under Papandreou the First.  

And there was nothing outlandish in the Greek retirement age.  It was within the range of most EU countries.

And SYRIZA never presented the solution as being  as being "just flip off the EU".

​There HAD to be an effort to stand up to the unjust demands for massive austerity.  It's not as if any of the things the Greek 1% and Goldman Sachs did justified what has turned into the end of the Greek pension system and the spectacle impoverished elderly Greeks committing suicide just to avoid starving to death.

Basically, you'd have had them just give in at the start and accept there was no alternative.  Had they done that, had they not even tried to find an alternative, what hope would there ever have been for anything in the future? 

The effort had to be made.  The fact that it failed doesn't negate the need to try. 

And frankly, it sounds like you're saying "fuck you, peasants!" to an entire nation-to a country that did nothing to you to deserve such dismissiveness.  You're accusing people of giving the finger, then giving THEM the finger.

I will give you one point for saying "drama" rather than "Greek tragedy".

 

Ken Burch Ken Burch's picture

Mr. Magoo wrote:

Quote:
The fact that Germany could do this to Greece after its own history of 1919 is hard to understand.

To be fair, though, Germany was assigned "reparations" to pay -- basically an arbitrary fine for having lost the war.

Greece isn't being fined, it's being required to pay back what it borrowed.

I don't disagree, though, that if you have to pay someone $1000 -- whether it's a fine or a loan -- and you only have $600 then there cannot be a happy ending.

​For the love of god(s)(esses), it is NOT as simple as "Greece must pay what it 'owes' and that's all there is to it".   The debts were incurred by the Greek ruling class, with Goldman Sachs manipulating the situation.  It's not legitimate to expect the government the Greek people voted in the stop the ruling class from doing more damage to pay the ruling class's debts, anymore than it was legitimate to expect the postwar democratic German government of the 1920's to pay the debts inflicted by the military-aristocratic regime in the war IT started.  

Mr. Magoo Mr. Magoo's picture

Quote:
It's not as simple as "Greece had maxed out its credit cards".  The crisis was largely caused by Goldman Sachs and by the massive tax avoidance on the part of the Greek 1%.

When it comes to "tax avoidance", in Greece or anywhere, my response is that if citizens break the law, prosecute them.  And if they didn't break the law, it's not tax "avoidance".

Quote:
There HAD to be an effort to stand up to the unjust demands for massive austerity.  It's not as if any of the things the Greek 1% and Goldman Sachs did justified what has turned into the end of the Greek pension system and the spectacle impoverished elderly Greeks committing suicide just to avoid starving to death.

Are you really, really sure it was only those one percenters, and an American financial institution that had anything to do with all of this?

Quote:
Had they done that, had they not even tried to find an alternative, what hope would there ever have been for anything in the future?

What alternative did they implement?  Or propose?

Quote:
The debts were incurred by the Greek ruling class, with Goldman Sachs manipulating the situation.

By "the Greek ruling class" do you mean "the elected Greek government"?

 

 

SeekingAPolitic...

Nature debt contract. 

It amuses me to no end how some people are so punitive towards debt cancelation.  Its simple contract between entites not some crazy blood oath.  One party lends the money to an other not becuase they have alturistic thoughts.  They are paid interest for the risk of lending the money.  If debter defaults are clear common law , staurtly law, plus provisions of the contract inform the parties what should happen.  Their no senitment in the law rather it how we are socialized how feel about debt calulation.  

National and Sub National bailouts.

I will use Canada rather Greece as an example.  Maybe 1 in 100 knows the truth about the "Iron Clad Super Banks" the capitalist talk about be they politicans, banks, investors, etc.  We just rode the out the crisis 2008 with out any problems becuase our banks are so strong.  This is probably the best report the Canadian Centre for Policy Alternatives ever releasaed.

Here is the primer.

Throughout the 2008-2010 financial crisis, Canadian banks were touted by the federal government and the banks themselves as being much more stable than other countries’ big banks. Canadians we assured that our banks needed no bailout. However, in reality, Canada’s banks received billions in cash and loan support during the 2008-2010 financial crisis—and the Canadian government has remained resolutely secretive about the details. This report examines the nature and extent of government support to Canada’s big banks, estimated on the basis of partial information provided by Canada’s public institutions, and an analysis of the banks’ own financial reports

https://www.policyalternatives.ca/publications/reports/big-banks-big-secret

Conclusion from the report.

thE OvErall picturE painted by this examination of Canadian banks’ use of government support programs during and after the global financial crisis of 2008–10 stands in stark contrast to both government and bank claims that Canada’s banks were somehow immune from the need for such extraordinary measures. It also raises more questions than answers, due to government secrecy. As this examination makes clear, some Canadian banks drew much more government aid than others during the financial crisis. It’s important for Canadians to know why some banks were more vulnerable than others. By keeping the details of this support secret, it is much harder for Canadians to evaluate what happened, why it happened and what can be done to prevent the need for such massive support in the future. It also casts a shadow upon the official line that Canada’s banking system is among the most robust in the world. Unfortunately, the veil of secrecy is also obscuring an obvious reality: Canada’s big banks are too big to fail. The Government of Canada, the Bank of Canada and the big banks themselves understand that Canada’s banks will be bailed out irrespective of the cost. The cEO of TD Bank Edmund Clark concluded as much at the height of the financial crisis, noting to investors:
The Big Banks’ Big Secret 31
“Maybe not explicitly, but what are the chances that TD Bank is not going to be bailed out if it did something stupid?”37 What’s clear from this examination of the government support programs is that the Bank of Canada and cMhc need to make public the details of their support to the country’s banks. A concerted effort should be made to understand why some banks required so much more support than others. The circumstances that allowed some Canadian banks to be less reliant upon government support should be replicated throughout Canada’s financial sector using strong government regulation. A healthy financial system cannot be based on massive government support for which the details remain secret. It is only through an honest and transparent examination of what occurred and how it can avoided in the future that a stronger financial system can be built, which is in everyone’s best interest.

​There is interesting news about bailouts in 2016/2017  but I will post in the thread when I orgaizne the data.Antoher post talking about Greece situation.

Michael Moriarity Michael Moriarity's picture

I think this interview with Yanis Varoufakis about his time as finance minister is very interesting. I find him quite credible and persuasive in his view that Syriza could have done more to get a better deal, short of leaving the eurozone.

iyraste1313

Thanks Seeking for this important information...what exactly was the nature of the secrecy? Just MSM or deliberate attempts by the Government to hide its bailouts?

This is scandalous!

NDPP

McCarthyism in Europe Today

https://www.counterpunch.org/2017/11/28/mccarthyism-in-europe-today/

"The razor-sharp mind of former Greek finance minister and the father of movement 2025, Yanis Varoufakis, is a good indicator of contemporary European thinking. And it's corrupt shallowness..."

Mr. Magoo Mr. Magoo's picture

Quote:
The razor-sharp mind of former Greek finance minister and the father of movement 2025, Yanis Varoufakis, is a good indicator of contemporary European thinking. And it's corrupt shallowness

Spoiler alert:  that means he has no time for silly-ass Communism.

Quote:
In his struggle (his ‘Mein Kampf’) to be a good European Varoufakis is clear

Godwin alert.

NDPP

TRNN: Bankrupt Greece Becomes A Major Military Spender And 'Sales Agent' For NATO (and vid)

https://t.co/wKLc7lTpyp

"Costas Isychos, the former Deputy Defence Minister of Greece, discusses the Syriza government's policy of expanding NATO's military might:

'...So what is really contradictory...as far as we're concerned in Popular Unity is that a so-called left wing government becomes today one of the greatest supporters of NATO ideas and North American ideas, of expanding its military might."

['We're going to change it [NATO] from within' - Jack Layton NDP]

Ken Burch Ken Burch's picture

NDPP wrote:

McCarthyism in Europe Today

https://www.counterpunch.org/2017/11/28/mccarthyism-in-europe-today/

"The razor-sharp mind of former Greek finance minister and the father of movement 2025, Yanis Varoufakis, is a good indicator of contemporary European thinking. And it's corrupt shallowness..."

He was simply making it clear that his ideas had nothing in common with the perverted model imposed by Stalin.  And since nothing done in the Soviet Union after 1924 was revolutionary or transformative or successful or in any reason worth repeating by the 21st Century Left, where was the betrayal?  It's not as if the only way to defy or defeat capitalist austerity is to defend "Marxism-Leninism".  

Why should he have defended an ossified, bloodsoaked failure?

 

Ken Burch Ken Burch's picture

Mr. Magoo wrote:

Quote:
The razor-sharp mind of former Greek finance minister and the father of movement 2025, Yanis Varoufakis, is a good indicator of contemporary European thinking. And it's corrupt shallowness

Spoiler alert:  that means he has no time for silly-ass Communism

Stalinism is extinct, Magoo.  It's a waste of time to sneer at or denounce something that no longer exists.  And NDPP is not a supporter of anything you would actually think of as "silly-ass Communism", so you owe him an apology for the pointless 1950s-style redbaiting.

We do still need a radical socialist model, though, given that every "social democratic" party in Europe has given up on not only "social democracy" but even on preserving the existing levels of social provision; a change that has put all European social democratic parties into permanent electoral decline and benefited no one but the billionaires of the world.  I think you'd pretty much have to agree that all of those parties should do the decent thing and vote to dissolve, so that people who actually stand with the poor and the powerless can have the chance to rebuild the European Left.

 

NDPP

Thanks Ken... a supporter of 'silly ass communism', Trump, and a 'Putinist' too they say, and more. Amazing eh? But one always considers the source. It's not unrelated to the political pathologies of putrefaction and perversion you remark above in Greece and elsewhere. It's here too this disease. You can hear the dog-whistlers whistling their dogs...

 

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