Germany Showing 'Lack of Solidarity' Over Greece: Stiglitz

Nobel-prize winning economist Joseph Stiglitz, seen on May 12, 2015 in Washington, DC, accused Germany of displaying a "lack of solidarity" with debt-laden Greece that has badly undermined the vision of Europe. (AFP/file)

'It is time for the U.S. to be generous with our friends in Greece'

Published on Sunday, July 12, 2015 by Common Dreams’ Staff

Prominent economist and Nobel laureate Joseph Stiglitz accused Germany on Sunday of displaying a "lack of solidarity" with debt-laden Greece that has badly undermined the vision of Europe.

"What has been demonstrated is a lack of solidarity by Germany. You cannot run a eurozone without a basic modicum of solidarity. It is really undermining the common sense of vision, the sense of common solidarity in Europe," the Columbia University professor and former World Bank chief economist told Agence France Presse.

"I think it's been a disaster. Clearly Germany has done a serious blow, undermining Europe," he said. "Asking even more from Greece would be unconscionable. If the ECB allows Greek banks to open up and they renegotiate whatever agreement, then wounds can heal. But if they succeed in using this as a trick to get Greece out, I think the damage is going to be very very deep."

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Paul Krugman wrote Sunday in the New York Times:

Substantive surrender isn’t enough for Germany, which wants regime change and total humiliation — and there’s a substantial faction that just wants to push Greece out, and would more or less welcome a failed state as a caution for the rest...There are only terrible alternatives at this point, thanks to the fecklessness of the Greek government and, far more important, the utterly irresponsible campaign of financial intimidation waged by Germany and its allies.

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On Brink of 'Irreparable Split' Between Rich and Poor Nations, European Leaders Scramble

Experts say the onus is now on German Chancellor Angela Merkel to back an "ethical approach," and ease Greece's debt burden. (Photo: NumberTen/cc/flickr)

Emboldened by anti-austerity referendum, Tsipras to address European Parliament on Wednesday

Published on Tuesday, July 07, 2015 byCommon Dreams byLauren McCauley, staff writer

In the wake of Greece's historic 'No' vote this weekend, European leaders are scrambling to cement a new deal after the resounding rejection of the austerity program that has heretofore dominated fiscal policy and conversation.

European Parliament President Martin Schulz confirmed that Greek Prime Minister Alexis Tsipras will address parliament plenary on Wednesday morning. Tsipras is expected to put forth a new written proposal for financial aid, one that reflects the wishes of the people—who on Sunday voted overwhelmingly against the latest bailout offer, which would have imposed further austerity and economic hardship.

On Tuesday, European heads of state are meeting in Brussels to discuss the pending economic crisis. According to reports, Tsipras will meet with German Chancellor Angela Merkel and French President François Hollande ahead of the evening's leaders' summit to discuss his plan. Tsipras is expected to call for the country's €323bn ($356bn) debt to be reduced by up to 30 percent, with a 20-year grace period, BBC reports.

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Dominoes of Democracy? Europe's Left Finds Hope in Anti-Austerity Vote

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Irish observer says vote is 'potentially the most important political event since the collapse of the Berlin Wall'

Published on Monday, July 06, 2015 byCommon Dreams by Deirdre Fulton, staff writer

While many in the mainstream media focus on the nitty-gritty economic implications of Sunday's landslide anti-austerity vote in Greece, leaders of Europe's left are hopeful that the outcome, a repudiation of harsh Troika-imposed policies, will start a long-awaited domino effect of democracy across the continent.

"Our deeply unequal global economy relies on ordinary people having no real voice over economic decisions, so this 'no' vote  strengthens the battle for a fairer, more humane, people-centred Europe," Global Justice Now director Nick Dearden said on Sunday.

In a column for Ireland's Journal Media, anti-austerity activist Paul Murphy described Sunday's vote as "potentially the most important political event since the collapse of the Berlin Wall."

Noting that the win relied on an "overwhelming mobilization" of both the working class and young people, Murphy—who works with the Irish Anti-Austerity Alliance but was in Athens for the vote—said that "[d]epending on what happens next, it can represent a turning point towards a challenge to the rule of the 1% in Europe and the dominance of Thatcherite neo-liberalism."

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