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.
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
And if you feel uncertain about what to do in the face of a second Trump administration, we invite you to be an indispensable part of Truthout’s preparations.
In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
We urgently need your help to prepare. As you know, our December fundraiser is our most important of the year and will determine the scale of work we’ll be able to do in 2025. We’ve set two goals: to raise $130,000 in one-time donations and to add 1422 new monthly donors by midnight on December 31.
Today, we’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
If you have the means to make a substantial gift, please dig deep during this critical time!
With gratitude and resolve,
Maya, Negin, Saima, and Ziggy