imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Greek Election: Mixed Messages, Hold the Cheers

by Stephen Lendman Monday, Jan. 26, 2015 at 3:57 AM


Greek Election: Mixed Messages, Hold the Cheers

by Stephen Lendman

Greece perhaps represents the epicenter of global pillage. Troika (EU, ECB, IMF) diktats wrecked its economy.

Paying bankers first matters most. They make serial killers look good by comparison.

Creating economic crises. Chaos. Taking full advantage to facilitate grand theft, financial terrorism and debt entrapment.

Mass impoverishment, high unemployment, neo-serfdom and human misery follow. Troika policies made Greece zombie-like.

A hollow shell of a nation. Strip-minded for profit. More beholden to foreign interests than its own. Its enterprises and crown jewels sold to Western interests at fire sale prices.

Brussels dictates policy. Greek governance combines travesty, tragedy and betrayal. Democracy's birth place spurns it.

Displaying an unprincipled disregard for human need. Millions dispossessed of futures. Struggling daily to survive.

SYRIZA (Coalition of the Radical Left) may be more bark than bite. More on this below. It's Sunday victory didn't surprise. Two parliamentary seats short of an absolute majority.

With 99.8% of votes counted as this is written, SYRIZA bested ruling New Democracy by 36.3% to 27.8%.

Neo-Nazi Golden Dawn was third at 6.3%. Followed by center-left To Potami (The River) with 6.1%.

Greek Communist Party with 5.47%. PASOK (Panhellenic Socialist Movement) at 4.72%. Independent Greeks with 4.68%.

For the first time in over 40 years, neither New Democracy or PASOK holds power. Incumbent ND Prime Minister Antonis Samaras congratulated SYRIZA leader Alexis Tsipras on his victory.

Greeks clearly reject six years of force-fed austerity. Tsipras promised no more.

"Greece is turning a page," he said. "It's leaving behind five years of humiliation and misery."

"We are putting together a government of social deliverance to carry out our program and negotiate with Europe."

"The verdict of the Greek people ends, beyond any doubt, the vicious circle of austerity in our country."

Tsipras promised to renegotiate Troika imposed mandates. With no intention of writing off its 320 billion euro debt, he says.

Exceeding 175% of Greek GDP. Europe's highest. Second only to Japan worldwide. Impossible to repay.

"Debts that can't be paid, won't be," economist Michael Hudson explains. Force-fed austerity makes repayment harder. So do new loans to service old ones.

Servicing debt gives bankers "a free lunch at the rest of the economy's expense," says Hudson.

How much relief SYRIZA intends remains to be seen. Its campaign slogan "Hope is coming" may turn out more hype than substantive change.

Tsipras said he'll "negotiate with our lenders a mutually acceptable solution…There will be no conflict with partners."

On January 23, the Financial Times headlined "Alexis Tsipras: Greece's radical or realist?"

Critics call him "cynical and calculating," said the FT. "(U)sing his charisma and boyish good looks to present a friendly face as he elbows his way to the top."

Personal ambitions alone motivate him. His goal (now accomplished) is becoming prime minister.

His party predecessor chief, Alekos Alavonos, questions his intentions. Saying SYRIZA had "radical left origins…(It's) now a moderate party."

Tsipras calls himself "a compromiser because I want to have realistic goals." At the same time saying "I'm very decisive if I know it's necessary to have a fight."

Party officials expect him to be sworn in as prime minister on Monday. With a new government in place this week.

He'll be heavily pressured by Troika diktats to pay bankers first. At the same time facing popular demands to deliver what he promised.

Belgium's finance minister explained what long-suffering Greeks face, saying:

"We can talk modalities. We can talk debt restructuring, but the cornerstone is that Greece must respect the rules of monetary union. That must stay as it is."

In other words, what Brussels says goes. Germany's central bank president Jens Weidmann expects the new government to continue what's "already been achieved."

Paying bankers at the expense of social justice. Tsipras claims Greece's economy is "safe in SYRIZA's hands."

He plans a pathetic two billion euro welfare package. Claiming it'll help impoverished Greeks.

How when tens of billions of euros are needed to reverse things. Not in Tsipras' playbook.

Expect largely business as usual wrapped in populist rhetoric ahead. SYRIZA's challenge is an empty treasury, said the Wall Street Journal.

It needs billions of euros in financial aid. Not forthcoming without paying bankers first.

According to Oxford Economics global research head Gabriel Sterne, agreement by both sides appears "extraordinarily difficult. Someone has to blink quickly."

Bet on Athens, not Brussels. Greece must continue serving debt, EU officials say.

Nor will any portion be written off, according to ECB executive board member Benoit Coeure.

"Mr. Tsipras must pay," he said. "Those are the rules of the game. There is no room for unilateral behavior in Europe."

"That doesn't rule out a rescheduling of the debt," Coeure said. "If he doesn't pay, it's a default, and it's a violation of the European rules."

Greece received 240 billion euros in bailout funding. Bankers demand their pounds of flesh in return.

Tsipras appears ready to oblige them. Promising one thing. Doing another. Expect no Grexit with him in charge.

He may be betting on Brussels blinking to assure Greece remains a Eurozone member.

Not according to London-based Teneco Intelligence analyst Wolfango Piccoli, saying:

"SYRIZA's belief that the troika will grant the new government significant leeway is likely to backfire."

Yielding means other troubled EU countries will want similar concessions. Don't expect them. Or a Grexit.

Reuter's editor-at-large Hugo Dixon calls it "such a unique event that nobody knows where the chain reaction would lead."

Economist/euro expert Bernard Connolly predicted euro system demise before its January 1999 introduction.

His 1995 book titled, "The Rotten Heart of Europe: The Dirty War for Europe's Money" explained the risks in detail enough to understand.

Later he said troubled Eurozone countries can't cut their way to recovery.

Austerity is hairbrained, he stressed. "So is the "malignant lunacy of monetary union."

"Combining 17 dissimilar countries (now 19 with Latvia and Lithuania added) under one monetary/fiscal system."

As nonsensical as mixing fire and ice, Connolly said. As well as believing more debt cures economic woes.

In 1998, Connolly predicted one or more weak European countries would face rising budget deficits, economic trouble, and a "downward spiral from which there is no escape unaided."

"When that happens, the country concerned will be faced with a risk of sovereign default."

Troubled Greece is the Eurozone's poster child. Zombie-like. Effectively bankrupt.

Euro straightjacket rules destroyed it. Day of reckoning eventually looms.

In December 2001, Argentina faced its moment of truth. Halted all debt payments to domestic and foreign creditors.

Restructured nearly 0 billion in debt on a take-it-or-leave-it basis.

Imposed stiff haircuts on bondholders. From 2003 through 2007, sustained economic growth followed.

Helped by debt restructuring and currency devaluation. Greece can go a long way toward resolving its debt problems the same way.

Provided it abandon Eurozone straightjacket rules. Regain its sovereign independence.

Reclaim what never should have been sacrificed in the first place. Govern responsibly.

Restructure debt on its own terms. Prioritize economic growth, job creation and social justice.

Don't bet on SYRIZA doing the right thing. It bears repeating. Business as usual wrapped in populist rhetoric looks most likely.

A Final Comment

Reports around 5:30AM EST time said Tsipras and Independent Greeks leader Panos Kammenos formed "a new (coalition) government."

"The prime minister today will see the president for his swearing in and will announce the composition of the government in which the Independent Greeks will participate," said Kammenos.

It'll officially begin governing today. Greece's electoral outcome will be the main topic at Monday's Eurozone finance ministers meeting. Expect agreement on demanding business as usual.

Stephen Lendman lives in Chicago. He can be reached at

His new book as editor and contributor is titled "Flashpoint in Ukraine: US Drive for Hegemony Risks WW III."

Visit his blog site at

Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.

It airs three times weekly: live on Sundays at 1PM Central time plus two prerecorded archived programs.

Report this post as:

Local News


lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Doxa du lobby A25 2:03AM

Tech workers organize A24 6:24PM

Architect Stephen Francis Jones A24 3:01PM

UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for A24 12:34PM

Xyloglossie attitudinale A23 8:07AM

Shadowgun Legends Hack and Cheats A23 7:24AM

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy