Greek despair

Public services and institutions built by the blood, sweat, and tax returns of the Greek people are ending up in extremely wealthy private hands.

This can only happen to a limited degree in Puerto Rico or anywhere else in the US. The same is true of the UK, thanks to the deposit insurance systems set up by both governments. But in Greece, it’s a feeding frenzy for vulture capitalists.

The systems which make a monetary union successful do not exist in the EU and it could eventually prove to be its downfall in more ways than one.

Former Greek Finance Minister Yanis Varoufakis says it best in his most recent blog post: “Back in 1971 Nick Kaldor, the noted Cambridge economist, warned that forging monetary union before a political union was possible, but would lead not only to a failed monetary union and the deconstruction of the European political project.

“Back in 1971 Nick Kaldor, the noted Cambridge economist, warned that forging monetary union before a political union was possible, but would lead not only to a failed monetary union but the deconstruction of the European political project.”

Greek Finance Minister Yanis Varoufakis

Greek Finance Minister Yanis Varoufakis August 2015 33