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Commentary :: Globalization : Labor
Charting a path out of impasse for Greece, and other countries
04 Apr 2012
Should Greece remain within the eurozone or should it return to the drachma?
There is no Greek solution to the crisis of Greece, only a European or international solution.

The internal logic of neoliberal austerity – or, more to the point, the systemic development of capitalism and the concomitant social forces arrayed by the amassers of capital who insist that "markets" should decide ever more social and political outcomes — has reached its most advanced stage in Greece.

International solidarity among the working peoples of the world's capitalist countries — actively opposing the dictation of industrialists and financiers, of late most forcefully channeled through bond traders and their financial institutions — is the route out of ongoing economic crisis. That is so for Greece as well as all countries.

That is taking a longer-term viewpoint. But what should be done in the short term? There seems to be a widespread, if not near unanimous, consensus among those who do not agree entire countries should be reduced to penury to ensure full profits to speculators that Greece has no choice but to default on its debt and re-orient its national budget toward investment instead of austerity.

But how should that be accomplished, and what other policies should accompany default? Crucially, should Greece drop the euro as its currency and bring back the drachma? Here, there is considerable divergence of opinion.

The first of two parts of this debate at this link: http://wp.me/p2cpPS-10
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