Also see: Greece Can’t Afford to Leave the Euro, Though It Should
The burning question beneath the more obvious issue of whether Greece should abandon the euro is what price the Greek people will pay if they decide to abide by the harsh austerity policies imposed on them by the International Monetary Fund, the European Commission and the European Central Banks.
Greece’s creditors are insisting that it impose severe tax hikes and pension cuts to secure much-needed loans. The level of imposed immiseration behind such policies seems unimaginable in the 21st century. For example, in addition to the call for increased taxes and reduced benefits, there is an insistent demand to further reduce by 200 euros the meager pensions most Greeks receive.
To read more articles by Henry A. Giroux and other authors in the Public Intellectual Project, click here.
Existing austerity measures in Greece have already left millions in utter precarity while leaving the resources and lifestyles of the financial elite untouched. The unemployment rate in Greece hovers around 27 percent. Throughout Greece, people now inhabit what might be called zones of abandonment, spaces defined by the need to simply survive. These are spaces inhabited by people who lack viable employment, adequate food, health care and sustainable pensions. It is estimated that more than 1.3 million are jobless, while many people sift through garbage cans for food to survive.
It gets worse. The decision to stay the course with the euro has to be measured against the hard realities of human suffering as evidence by the fact that suicides are rising in Greece at alarming rates as a result of the economic hardships produced by the imposed austerity measures. For example, a 2014 study found a link between spending cuts and increased suicide rates among Greek men, while a 2013 paper found a similar connection in Spain following the financial crisis.
What these reports make clear is that austerity policies of the financial elite have inflicted misery and suffering on most of the population. By imposing such measures on Greece and other countries, the troika has embarked on financial warfare.
The Greek people have been brought to their knees under the imperatives of an austerity policy that is not only counterproductive but brutally punishing. Abandoning the euro offers the possibility of bringing this brutal austerity project to an end by putting the needs of the Greek people before those of international banks. Staying with the euro and paying off Greece’s massive debt means a future in which a predatory financial system inflicts more pain, protracted suffering and hardship for the Greek people.
Dumping the euro at least speaks to the possibility of another choice, one that will be hopefully far more humane than the punishing strictures of the current politics of austerity inextricably tied to an embrace of the euro.
We’re not backing down in the face of Trump’s threats.
As Donald Trump is inaugurated a second time, independent media organizations are faced with urgent mandates: Tell the truth more loudly than ever before. Do that work even as our standard modes of distribution (such as social media platforms) are being manipulated and curtailed by forces of fascist repression and ruthless capitalism. Do that work even as journalism and journalists face targeted attacks, including from the government itself. And do that work in community, never forgetting that we’re not shouting into a faceless void – we’re reaching out to real people amid a life-threatening political climate.
Our task is formidable, and it requires us to ground ourselves in our principles, remind ourselves of our utility, dig in and commit.
As a dizzying number of corporate news organizations – either through need or greed – rush to implement new ways to further monetize their content, and others acquiesce to Trump’s wishes, now is a time for movement media-makers to double down on community-first models.
At Truthout, we are reaffirming our commitments on this front: We won’t run ads or have a paywall because we believe that everyone should have access to information, and that access should exist without barriers and free of distractions from craven corporate interests. We recognize the implications for democracy when information-seekers click a link only to find the article trapped behind a paywall or buried on a page with dozens of invasive ads. The laws of capitalism dictate an unending increase in monetization, and much of the media simply follows those laws. Truthout and many of our peers are dedicating ourselves to following other paths – a commitment which feels vital in a moment when corporations are evermore overtly embedded in government.
Over 80 percent of Truthout‘s funding comes from small individual donations from our community of readers, and the remaining 20 percent comes from a handful of social justice-oriented foundations. Over a third of our total budget is supported by recurring monthly donors, many of whom give because they want to help us keep Truthout barrier-free for everyone.
You can help by giving today. Whether you can make a small monthly donation or a larger gift, Truthout only works with your support.