The international financial organization has warned of economic trouble ahead for the eurozone as worry over Greece lingers, unemployment remains high and the banking sector struggles to shake off the residue of the financial crisis.
Yanis Varoufakis, who resigned recently, predicted that the measures will “go down in history as the greatest disaster of macroeconomic management ever.”
The investment bank turned a huge profit by helping to hide the real extent of Greece's debt, and in the process almost doubled it.
The esteemed U.S. political economists say Western financial institutions are keen to bail out Greece because if they don’t, the country's existing creditors -- other Western financial institutions -- will fail to recover money they previously lent to Greece.
Greeks found their savings blocked and banks closed Monday morning after a standoff between the country and its bailout creditors that cast doubt on the future of Europe’s single-currency zone.
Acclaimed heterodox economist Michael Hudson tells The Real News Network that if passed, the Trans-Pacific Partnership trade deal will overturn state sovereignty, and that leading International Monetary Fund economists have described the organization as captured by private bondholders.
Greece's new left-wing, anti-austerity Syriza Party raises concerns over international creditors’ demands to restructure the country's labor market and curtail its pension system in exchange for a new package of bailout funds scheduled for release Friday. Greek Finance Minister Yanis Varoufakis speaks with “Democracy Now!”
Thousands participated in anti-austerity “Blockupy” demonstrations that turned violent outside the opening of the new headquarters of the European Central Bank in Frankfurt, Germany.
It seems the European Central Bank has made good on a threat by Goldman Sachs to cut off liquidity to Greek banks in the event the nation elected an anti-austerity government.
For the anti-austerity struggle in Greece and elsewhere to become effective and sustainable, it must be raised from the national level to the international level.