Troika, Grexit or Plan B?

Michael Roberts Blog

In this tortuous saga between the leaders of the Eurozone and the new Greek government over repaying its public sector debt and continuing with a Troika-imposed austerity programme, we must remember that the cause of all this mess is the failure of capitalism in Europe and Greece.

Yes, the Syriza government has retreated massively from its original position to cancel or renegotiate the ‘odious’ debt burden and it has given way on some (many?) of the immediate measures it wanted to take on reversing austerity and improving the hugely reduced living standards of Greek households.  But that was inevitable if the government wants to sustain Greek capitalism inside or outside the Eurozone.  Greek capital is the weakest in the spectrum of European capital, where Germany and France are strongest.  They call the tune.

So the real villain of the piece is Capital in the persona of Franco-German capital and their…

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