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Monday, 14 May 2012

A Greek exit from the euro looking more like when than if now

With the euro financial crisis deepening by the day and sometimes it f eels by the hour as the markets continue to tumble it looks increasingly likely that Greece will be forced to leave the Euro sooner rather than later now. With senior European bankers discussing the idea over the weekend it looks to me as though they are preparing the ground for a controlled Greek default and to allow them to leave the Euro. As i’ve said on this blog before the Germany economy is very strong but is not without its troubles of course and as a result is already reprinting the German mark currency and is all ready to go if a sudden collapse means it necessary to reintroduce.

I imagine we will see the Greek drachma reintroduced this year too before too long. As Marxists we are always approached as being out of touch but we were the only ones to have predicted the global financial crisis with the Euro zone especially venerable once an economic crisis hit which is always likely under capitalism due to its very nature of periodic crises ingrained in its make up every 10 or so years.

The capitalist state is based on the nation state trying to force 27 odd countries with different economies, cultures, traditions working patterns was just simply never going to work. We don’t oppose the EU on nationalist lines as that divides the working class we oppose it as a boss’s club and was only created to benefit the ruling classes only now it is all falling apart around their ears. In theory the EU could have worked if they’d transformed into a federal body like the United States of America although getting 27 different nations to agree on everything looks very unlikely.

With the markets this morning falling into panic mode due to the uncertainty of the Greek political scene with no government being able to be formed and further elections looking likely the markets don’t like it and well Greece has been running on empty for sometime bumping along the ground and stumbling by getting injections to a dying corpse not being allowed to die just yet due to the fears of others in the EU but I think now the ruling class are starting to consider letting them go. Which would not solve the Greek’s problems one little bit if anything it’ll only make things worse for them as the country is still pretty much bankrupt with huge debts even still? I imagine they will have part of their debt written off but will still endure years if not decades of austerity now with the working class and the poor feeling it most. Leaving the Euro won’t solve things for Greece but it may give the rest of the euro zone a temporary boost but it will be short lived when the crisis shifts to Spain, Italy or Portugal and Ireland which looks its next victims.

A European fight back on a mass scale is needed now the crisis is becoming clearer and workers who are fighting back can see now that they are fighting similar battles to their co-workers in the other parts of the Euro now if they join up the dots and realise they areal fighting the same enemy the system the movement created could be electric.

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