Press statement 22 July 2011
Stitch up of Euro-crisis agreement
Culling public services, national democracy and independence is the bottom line of the stitch-up at the Brussels euro-zone summit. The transfers of huge sums of monies involved are to prop up the banks once again – especially those of Germany and France – and will not get Greece, Ireland, Portugal or Italy out of the financial quagmire. The money transferred will come out of pockets and purses into bank vaults, even though it is apparently laundered via national government books.
Re-applying what are supposed to be the strict rules of the Stability Pact – a limit on the deficit of 3% of GDP - even if impractical is designed to provide a reason for further attacks on wages, the public sector and social protection across all EU Member States including Britain. Another aspect of the 16 clause euro-zone agreement is to push further towards an economic union in addition to a monetary union which would take away all controls from national governments, parliaments and electorates over their economies. This has in effect happened already to Greece, Ireland and Portugal.
Whichever way the EU political elite try, whether to apply the Stability Pact rules and 16 clauses or not, the problems will persist and worsen. This will be especially so for the working and middle classes. It is clear that if further austerity policies are imposed there will be at some point a revolt. No doubt this is a factor behind the lower interest rates to be paid for by Greece on the second lump of money compared to the first lump.
It is just as well that Britain did not join the euro-zone where it has been proved once again that 17 national economies and currencies cannot be darned together. Note that Chancellor Osborne has called for more EU integration and applies to Britain. This must be exposed and opposed for all the implications now bare for all to see.