Revolutionary implications of the Greek election

comment from the DM campaign team
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The victory of the Greek far-left in the country's recent general election could have two very important knock-on effects for Britain.

The first is psychological; the second relates to the £10 billion our then chancellor, Alistair Darling, was obliged by Brussels to contribute to the initial Greek bailout fund in 2010. This money is now seriously at risk.

On a positive note, the success of Syriza, together with the votes gained by the centre-right, eurosceptical Independent Greeks and the overtly anti-euro Communist party, is an act of brave collective defiance by a national electorate.

The Greeks have been told repeatedly by successive conservative and social democratic governments in Athens, as well as by the EU elite and mainstream media, that 'there is no alternative' to accepting the terms of the austerity and reform packages imposed by the 'trioka' of Brussels, the IMF and the European Central Bank.

All kinds of terrible consequences have been predicted for the Greek people should they dare to fail to defer to their external, neo-colonial rulers.

In Britain a similar, if more low key at this stage, campaign is being run by the largely taxpayer-funded pro-EU lobby and its allies in the CBI, Goldman Sachs, and other manifestations of big business.

We are told that, should we leave the EU, 'three million jobs' could be lost; that old myth destroyed conclusively 15 years ago by the National Institute for Economic and Social Research, the body that had been paid by the New Labour controlled Britain in Europe campaign to perpetuate it!

All political movements trying to perpetuate the status quo use fear to try to prevent voters even contemplating the possibility that positive change is possible. The pro-EU lobby enjoys psychological hegemony at present because it has succeeded as a consequence of its massive financial advantage in dictating the terms of debate; the focus at present is solely on the supposed 'risks' of change.

Alexis Tsipras and his party were able to win, in part, because they had the guts to challenge and deconstruct the self-serving interpretation of 'common sense' being communicated by the Greek and international political and business elites.

This is what the pro-independence alliance now needs to do in the British context: we have to take on the myth that the EU is a constitutional Godhead that must be deferred to for all time. We have to start changing the way in which the debate about EU membership is framed: we need to point out that there are serious risks to our future economic prosperity, as well as political viability, if we stay in.

The EU is a declining economic and demographic bloc which is in the process of becoming ever more centralised in order to cope with the inherent flaws and contradictions of the Single Currency system. Inevitably if we continue to remain inside, we will become hit with ever more laws and demands for money dictated by the Eurozone bloc of countries voting as one caucus in the Council of Ministers.

The second implication of the Syriza triumph might not be so good for us as a nation: The new Greek premier, Alexis Tsipras, has threatened to renege on his country's debts. This could have serious implications for Britain. 

We were coerced into putting up £10 billion towards the initial bailout package. Our then chancellor, Alistair Darling, at a meeting of the council of ministers in May 2010, initially refused to commit UK taxpayers money on the grounds that as a non-euro country we could not be expected to contribute. The EU then threatened to evoke Article 122 of the treaty, a measure which commits member states to provide assistance to those countries experiencing 'natural disasters'.

Had Mr Darling taken it to a vote, he would have been defeated because of Qualified Majority Voting. And this was all despite the treaty stipulating that there should be no bailouts of governments in the single currency.

This episode shows that the rule of law does not actually apply in Brussels; the Commission as the guardian of the treaty, backed by the legally elastic interpretations of the ECJ, can redefine the rules as they so wish. Yet we are told by the CBI and the pro-EU lobby that Britain will lose 'influence' if we leave the EU. What influence?

For the time being, let's focus on the positive aspects of this Greek drama. The election result may herald the refusal of mass electorates to comply with the elite as never seen post-war. This could be a revolutionary moment in more ways than one. 

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Eurozone turmoil latest - excellent summary

Those looking for a quick, straight-talking update on the continuing financial turmoil in the eurozone could do little better than to read Ambrose Evans-Pritchard's pieces for the Daily Telegraph. 

This extract below in particular from his latest article provides a perfect summary of recent developments and their implications: 

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Events in Europe are now moving fast. Portugal has been in havoc for the last week. Spain is in ever greater havoc. Much of southern Europe has become unpredictable.

Is it the fault of the monetary union and the euro? Yes, of course it is. While large parts of the world are in deep economic crisis – including Britain – the damage is concentrated with lethal intensity in the EMU victim states. Spain’s unemployment rates is already 25pc, and the full austerity has yet to bite.

It is made much worse by the unpleasant discovery that elected governments can do nothing to escape the trap. They have lost control over their own destinies.

Spain and Portugal are trapped in chronic slump with over-valued currencies. While they have clawed back some lost labour competitiveness by cutting wages, this has merely – and necessarily – compounded the debt-deflation disaster. It has pushed them closer to bankruptcy.

The Draghi bond plan can certainly put off the day of reckoning. It can lower borrowing costs across the board and cushion the slump. But it cannot in itself stop the slow asphyxiation of these societies.

We are moving from the financial phase of this crisis to the full-blown political phase. It really is playing out like the 1930s.

Final thought from recent media comment on the euro crisis, however, should go to Chris Morris, the BBC's correspondent in Athens, who says of Greece in his latest article:

So after three governments, two bailouts and an economic contraction of Great Depression proportions, this country isn't out of the woods.

Time, then, to stop avoiding the heart of the problem and start planning an orderly restoration of a national currency? At this stage, there's no pain free solution and clearly no viable alternative to a Greek departure from the euro.

EU's response to election results risks Europe's stability

The weekend's election results in Greece and France have demonstrated more clearly than ever that the European Union and its austerity policies, designed to preserve its flagship euro currency, are feeding a rise in the popularity of extremist parties.

In Greece, the two centrist parties Pasok and New Democracy together received just 30% of the vote compared with almost 80% three years ago, while a 'radical' left-wing coalition called Syriza secured 17% and the openly fascist Golden Dawn gained 7% giving it seats in the Greek parliament.

France also was not immune to such forces, with Marine Le Pen and her Front National party gaining almost a fifth of votes and coming third in the country's presidential contest - an improvement of more than 2.6 million votes on her father's result in 2007.

Continuing a trend that was already in evidence, voters turned to alternatives to the centrist parties as they refused to budge from the Brussels doctrine and appeared unable to provide people with the responsive government they crave.

As the editorial in today's Guardian puts it, "Democracy matters. When Brussels or Berlin loses sight of that simple fact, voters reach for simpler and uglier solutions."

Stability at risk

For the EU's advocates, who claim the organisation is responsible for preserving peace in Europe since the Second World War, this impetus being given to ultra-nationalist forces by the inability of countries locked within the euro to quickly restore competitiveness and growth to their economies should give pause for thought.

The EU's critics on the other hand have long argued that the only true guarantor of continued peace and stability between European nations is effective democracy, where people feel they have meaningful influence over the rules that affect their lives.

Since the EU's fundamental ethos is political integration, which aims to centralise political decision-making in its largely unaccountable Brussels institutions, it's no surprise that growing numbers of people are coming to realise that the EU system is in reality working against goals of peace and stability by driving Europe away from its post-war democratic revival.

Arrogant elite

Such an idea appears far less shocking when leading EU figures are seen stepping in immediately following a public vote in another country to slap down the result.

Take Peter Altmaier, the chief whip of Angela Merkel's Christian Democrat party, who said that France's president-elect Francois Hollande needed to learn that while his election victory may herald change in France, it would not be allowed to change anything on the EU level.

Almost glorying in how people and their votes no longer matter when it comes to directing their own political future, Herr Altmaier said: "It is very important indeed to send a message to the markets that nothing will fundamentally change."

Germany's chancellor herself has also stressed her opposition to Hollande's key campaign pledge of reopening the euro fiscal pact, telling the Berlin media "that's just not on."

"We in Germany are of the opinion, and so am I personally, that the fiscal pact is not negotiable. It has been negotiated and has been signed by 25 countries," she said.

Turning her fire on Greece, Mrs Merkel insisted that Athens must also comply with the stringent terms of its £100bn bailout even though more than 60% of the Greek electorate had voted for parties rejecting those terms.

The European Commission has also weighed in, telling the new French leader that all previous agreements between France and EU were binding despite the election.

"We expect agreements to be ratified. That is the very basis of the EU," said a Commission spokesman. Yet isn't the ability of a new president or parliament to overturn the decisions of a predecessor in response to a majority of public votes the very basis of democracy? Can there be any further doubt that the EU and democracy are fundamentally incompatible.

Post-democracy?

The moment of truth now looming is not just an economic one over the future of the fiscal pact and the euro, but also a civil and democratic one that goes to the heart of political power on our continent.

Who truly decides how European countries are governed: voters in elections or the technocrats of the EU?

If the EU elite continue on this course of slapping down events in which people cast their votes and expect things to change, they will be playing increasingly dangerous games with the future of Europe.

When those who govern either cannot, or will not, respond to public votes, the necessity of a radical change in course away from EU centralism and its outdated, 1950s goal of political union becomes even more urgent.

Dazzling numbers obscure real eurozone deal

Another day, another eurozone rescue.

We have, of course, been here before. Today's deal is similarly long on rhetoric and short on detail, but that won't prevent the markets bouncing and the media once again reporting that the crisis is solved.

Yet, in a few weeks time, they will again all realise that the latest 'solution' is far from that at all.

Just as happened back in July, many crucial details of the deal are yet to emerge and have the capacity to cause a rapid unravelling.

How exactly the European Financial Stability Facility will be leveraged from its remaining €250 billion to an extraordinary €1 trillion (£880bn) - whether by the provision of risk insurance or a special purpose investment fund into which countries like China and the Gulf states will be asked to contribute - will not be revealed until the end of next month.

Similarly, will banks be able to find the required extra €106bn in capital? And whether private investors will actually swap their Greek bonds for those with a 50% repayment reduction also remains to be seen.

According to the BBC's Robert Peston, the agreement of the banks "in principle" to slashing what Greece owes them by half came at the last minute. But yesterday's Irish Times highlights unsurprising scepticism that what is being asked of them with respect to Greece represents "an exceptional and unique solution" and does not set a precedent for what may happen should the difficulties in other countries worsen.

Investors could yet decide that the warm words of EU politicians and appointees about Greece being a special case are too wafer thin relative to the economic forces that could yet come to bear on the far bigger economies of Spain or Italy.

Even if the banks go through with the deal, many observers doubt that the resulting reduction of Greece's debt to 120% of GDP by 2020 (ie. the same as Italy's) is in any case going to lighten the country's burden sufficiently to enable a rebalancing of its economy.

Economic union

A bigger problem in how today's deal is being reported is how the media are once again too hypnotised by the glittering numbers to look at the small print.

What many are missing this time are the details under the summit conclusion headings (pdf) 'Economic and fiscal co-ordination and surveillance', 'Governance structure of the euro area' and 'Further integration' which cover the EU's growing power-grab over taxation and how euro members run their economies.

Back in July, commentators made the same mistake. A far greater focus was applied to the new repayment terms for Greece and the possibility of increased funds for the European Financial Stability Facility (EFSF) than on the real gem of the package for EU leaders.

Namely, the granting of permission for EFSF money, guaranteed by eurozone members, to be used to recapitalise the worst-afflicted banks in particular countries - a responsibility that would normally have to be fulfilled by national treasuries.

Obscured integration

Again today, dazzled by completely unqualified numbers, the media are overlooking the far more significant passages of the latest deal that relate to deepening economic union, greater EU powers to interfere in the budgets of member countries and the introduction of EU taxes.

See Paragraph 27a, which says that "for euro Member States in excessive deficit procedure, the Commission and the Council will be enabled to examine national draft budgets and adopt an opinion on them before their adoption by relevant national parliaments".

Far from applying to one or two financially irresponsible cases, 13 of the 17 euro member countries are currently in the EU's excessive deficit procedure. So this represents a substantial extension of the influence of the unelected EU Commission over national parliaments with respect to the politically highly sensitive tax and spend policies of euro member countries.

Paragraph 29 goes on to discuss the "Pragmatic co-ordination of tax policies in the euro area" as a "necessary element of stronger economic policy co-ordination" and confirms that "Legislative work on the Commission proposals for a Common Consolidated Corporate Tax Base and for a Financial Transaction Tax is ongoing."

And Paragraph 35 instructs the European Council to bring forward an "interim report" in December 2011 on "strengthening economic convergence within the euro area, improving financial discipline and deepening economic union" with a report on how to implement agreed measures including "the possibility of limited Treaty changes" due by March 2012.

Flaws not fixed

Ultimately, even if today's uncertainties pan out as the EU desires, the reality is that this latest deal will still not be enough to cement the euro's cracks.

The reason is simple. There is no solution to the eurozone's problems other than for the most indebted countries to break the fixed exchange rate system and leave the euro, to restore competitiveness and growth to their economies. But of course, EU politicians and especially its employees refuse to let go of their flawed single currency project.

While the markets are bringing some realities to bear, the question is for how much longer can Europe's political elite get away with putting off the inevitable crunch, in the process worsening the mess they have created and now flushing almost incomprehensible sums of public money to protect the failing euro?

So, the EU isn't really an issue?

by Marc Glendening

During Britain's recent general election campaign we were repeatedly told by the BBC and various media pundits that the EU was not a key issue.

The three party leaders only briefly touched on the issue. There was one really telling moment, however.

When David Cameron outlined in the final TV debate his immigration proposals, Nick Clegg rightly informed him that his plans to stem the flow of migrants was doomed to failure as the EU treaty does not allow a national government to deny citizens of other member countries entry.

Cameron was dumbstruck and had to acknowledge his plans only applied to non-EU citizens.

With the German government claiming that 84% of all its laws, since the Single European Act, have had their origin in directives and regulations emanating from Brussels, it is becoming clear to the British and other European peoples that our elected representatives have little meaningful power.

The Lisbon treaty has only recently been passed and this will add significantly to the percentage of laws in the member countries that are determined centrally in Brussels.

Elections are becoming little more than a form of political beauty contest in Europe and, in some cases, not a very good one at that.

UKIP factor

A little commented upon fact is that the UK Independence party won over 900,000 votes in the general election and in a number of closely contested seats, including Solihull and Grimsby, may well have denied the Tories victory.

Given that it has been calculated that had David Cameron's party only gained another 16,000 votes strategically distributed it would have gained an overall majority, it is perhaps safe to conclude - as we predicted on this blog at the time - that the party's decision to abandon a referendum on the Lisbon treaty cost it outright power.

Bailout cost

While the political dust was still swirling around in the immediate aftermath of our inconclusive election, news emerged that, in his last act as Chancellor, Alistair Darling had agreed to hand over a further £8 billion from the UK taxpayer to the EU as part of the EU-IMF bailout of Greece.

This is on top of the £10 billion contribution we hand over to the EU each year, which is expected to rise yet again following the new round of budget negotiations between the Commission and the member states that will commence shortly.

It will be interesting to see how Nick Clegg's party play this issue, given their fanatical devotion to building an ever more powerful EU and the big cuts the Tories say need to be made early in the lifetime of the new coalition government.

When the Tories announced recently that they intended to cut our relatively small handout to the College of Europe (the institution that trains Brussels bureaucrats) Clegg denounced this and said the contribution should be ring-fenced.

Eurozone member countries are now trying to put together a massive new financial support package estimated to run to €750 billion (£640bn). Some of this will come from the IMF, which Britain also contributes heavily to.

Germany is committed to putting in €123 billion (£104bn) and is facing extra austerity measures at home to pay for the bailout contribution.

This is not going down well with the voters and Angela Merkel's Christian Democrats lost control of North Rhine-Westphalia in the wake of the bailout being announced.

'Beneficial' crisis

While German and other European voters look on in horror at the scale of the unfolding Greek euro crisis and the implications for those trapped in the eurozone, the European political class are needless to say seeking to use the crisis to centralise even more power in Brussels.

"The Greek case is a potential turning point for the eurozone," says Olli Rehn, the commissioner for economic and monetary affairs.

"If Greece fails and we fail, this will do serious and maybe permanent damage to the credibility of the European Union. The euro is not only a monetary arrangement, but a core political project of the European Union … In that sense, we are at a crossroads."

The Commission is now putting together stricter rules for member states, including "budgetary surveillance" and "reinforced economic policy co-ordination".

Of course, the EU is of no relevance to British politics.

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written by Marc Glendening

Greece's path out of the eurozone

Never quite believed it until today. The markets can see it. The EU seemingly hasn't quite accepted it. But Greece is on a path heading out of the eurozone.

The prospects for the EU's embattled currency have worsened considerably in the last couple of days. First Greek debt was further downgraded to junk status and then it emerged that its problems are causing a loss of debt confidence for other eurozone countries.

Both Portugal and Spain have suffered new credit status downgrades and the OECD secretary general went so far as to describe the potential for contagion as 'like ebola'.

Markets and politicians once thought that the banks were too big to fail. Now it seems they are starting to realise that they have made the same false assumption about the euro.

Fears confirmed

The continued testing of the sustainability of Greek debt shows how market suspicions have lingered that the much-promised EU-IMF bailout was all for show, announced in the hope that real action would not be needed.

Those suspicions have only been reinforced by the German Chancellor, Angela Merkel, yesterday making it clear that, despite the precarious situation, discussions about the Greek cash injection are going to continue for several days yet.

One of the EU's plethora of 'presidents', Herman van Rompuy, perhaps feeling a little neglected from this process, has even been talking about an 'emergency' summit. But not until 10 May.

Standard, slow-moving EU - far too slow for the 21st century world.

The empty reality behind the EU's currency-without-government is nothing new to EU-watchers, but the real surprise is that the markets have bought the euro charade for so long.

Bailout blocks

That the markets have had little faith in the EU's words about backing Greece and have continued to test the situation can be no surprise, given the number of obstacles in the path to Greece avoiding a debt spiral and default.

First, for the eurozone countries to approve their €30bn share of the bailout (the further €15bn coming from the IMF) will involve many already themselves struggling with high debt, sluggish economies and bad-tempered public stumping up large sums for Greece.

This will only worsen others' debt problems, hamper economic recovery and cause further public unrest.

Second, as many are warning, the initial €45bn may buy Greece time but that amount will be far from the end of the financial support the country will need. Is there an appetite elsewhere in the eurozone for further bailouts and larger amounts in the future?

Third, even if the EU - propped up by the IMF - finally agrees to hand over the cash, the accompanying demands for further drastic cutbacks in public spending in Greece are likely to be so stringent that an already distressed and protesting public will not accept them.

Greece's umbrella private sector union, the GEEE, has already called a general strike for 5 May to protest against the "neoliberal extortion and demands [of the EU and IMF] to flatten the financial and job rights of workers" and other major unions have agreed to join in.

Fourth, there seems to be a clear case that the eurozone cash injection for Greece would breach the 'no bailout' clause in the EU treaty - a legal situation that a group of German professors are threatening to test, if the bailout is approved.

An injunction from the German Constitutional Court would freeze all aid for Greece while the case is pending, which may take weeks or months.

Finally, in any case, is Greece's total debt burden now too high for cash injections and such 'internal deflation' methods to restore competitiveness? Many are coming around to the view that a debt spiral is already underway and billions injected now would be just throwing money away.

Final shot

Only the fact that French and German banks are up to their eyes in Greek debt suggests the EU's bailout efforts will continue to the bitter end.

The EU's final shot at calming the market may involve offering far larger amounts than the present €45bn - amounts that may be seen by the markets as offering a more realistic long-term solution for Greece.

But in the absence of major IMF involvement - a situation against which the EU has a pompous, ideological objection - doubts will still linger about the capacity of eurozone countries to afford, and to deliver politically, such levels of cash.

Greek choice

What becomes clear from looking at the questions and obstacles above is that Greece is out of options other than default or voluntary, Uruguay-style (pdf) debt 'reprofiling'.

The key question for the euro comes in the implications of this outcome for economically connected countries, especially those sharing a currency.

Ireland has already felt the implications of currency connection, seeing their borrowing costs rise so far by €3m a year as a result of the Greek crisis. Greece is already dragging the eurozone down with it.

Worse, unless there is a clear isolation of Greece from the eurozone, it's hard to see how a restructuring of Greek debt will avoid knocking the confidence of buyers of other eurozone government bonds, provoking even bigger crises in other already finely balanced economies like Spain and Portugal.

The question that the EU and IMF may be struggling with, that is taking them so long to resolve, may be: might the billions of Greek aid on the table be better spent backing a 'new drachma' and curbing inflation - giving the country's economy a real competitive boost - than trying fruitlessly to ward off an inevitable debt default?

Euro nears IMF-backed bailout over Greek debt

The EU's decade-old single currency experiment faces failure as early as this week, as Greece's debt crisis becomes critical.

In a new bid to shore up investor confidence, eurozone countries together with the International Monetary Fund (IMF) over the weekend agreed a £26bn (€30bn) package of loans to be made available to Greece at a below-market interest rate of 5%.

The need for greater clarity on a safety net for the financially embattled country rose on Thursday as the interest rate on Greek government debt hit a new high of 7.5%.

On Friday credit rating agency Fitch added to the pressure by further downgrading the country's creditworthiness status to a level that, should other major agencies follow, would prevent large institutional investors from buying Greek government bonds.

Greece is currently faced with debts of nearly £267bn (€300bn) - 12.7% of GDP. As its currency cannot fall in value to increase the country's competitiveness, its recovery plan involves further heavy borrowing on the bond markets and a punishing programme of public spending cuts plus higher taxes.

However last week's double blow made it increasingly unfeasible that the country would be able to borrow its way out of its economic problems.

IMF props euro

According to the Daily Telegraph, the amount each eurozone country will be expected to contribute to the bailout will be in proportion to the amount each puts into the European Central Bank.

The effect will be to drag other already highly indebted eurozone countries like Ireland, Spain and Portugal - all currently imposing their own harsh austerity measures - further into difficulties.

The only barrier to money being handed over to Greece is now the unanimous agreement of all eurozone member countries.

However, the contribution the IMF will make to the package is not yet clear. Some say the IMF will "co-financed" the deal - others that the IMF will provide an additional "top-up" loan, should it be required.

But in any arrangement, IMF intervention to prop up the financial integrity of the eurozone will signal the ultimate failure of the EU's monetary union project.

Public response

The extra burden of funding the Greek bailout on their own economic recovery is unlikely to be received warmly by the public in many eurozone countries.

To calm public opinion over the cost of a potential bailout, German Chancellor Angela Merkel was forced to insist that any loans made to Greece must be at a market rate - a caveat that has been thwarted.

Yet, as the biggest contributor to the ECB, Germany will also have to stump up the lion's share of the bailout funds.

Critical sale

As earlier talk about a financial safety net for Greece failed to calm the markets' fears, the EU will be hoping that this fleshed-out deal will boost confidence ahead of a new bond sale by the Greek government.

This week's sale will be a critical indicator as to whether investors are sufficiently reassured about the safety of Greek debt or whether they will continue to test levels of commitment to providing the country with financial support.

Should the sale not succeed, the question will fast become; just how many billions are the IMF and the eurozone's other member countries willing to splash to prop up the fundamentally misconceived euro project?

Euro behind Greek riots

by Marc Glendening, DM Campaign Director

The credit crunch has, of course, resulted in the usual group of EU-obsessives calling for Britain to join the euro.

Interestingly, they never name the specific rate at which they think we should join, or would be allowed to join at - a rather critical piece of information around which all arguments about the economic implications of such a move would rotate.

Nor do they explain how, exactly, we would be economically better off by joining - putting to one side the enormous constitutional/anti-democratic implications of taking this extreme course of action.

Presumably, the euro-obsessives are not seriously suggesting that it would be to our advantage to lose the capacity to set our own interest rates, or allow the pound to fluctuate according to the specific requirements and features of the UK ecomomy?

Floating exchange rates and adjustable interest rates are safety valves that Britain would be crazy to abandon.

One eurozone country that is providing a real-world example of what can happen when your government passes all key macro financial control to the European Central Bank is Greece.

The continuing riots in Athens and elsewhere - while they may have been originally instigated by anarchist groups in response to the shooting by police of a fifteen year old youth - have grown in size because of the poor state of the economy and rising unemployment.

The Greek government is virtually powerless to tackle these underlying economic problems. The only option left to them to try and stimulate domestic economic activity has been to drive down real wage levels at a time when the lower paid - those still in jobs that is - have already seen their living standards reduced. In part, of course, because of the significant price rises that have accompanied the transition to the euro.

In properly constructed, national currency unions central government has the means to redistribute money to those regions that are particularly suffering during a recession. But because the EU currency has been established without a massive treasury behind it, Greece will not be in receipt of fiscal transfers from the taxpayers of other euro member countries.

German chancellor, Angela Merkel has made it very clear that she has no intention of using her taxpayers' money to bail out debt-ridden countries like Greece, Italy and Spain.

So, the Greek government is in a real bind with no room for manoeuvre, have been turning down the lid on the economic pressure cooker, and now we are seeing the public response.

Similar unrest is predicted soon for Spain, where the economic situation is also highly precarious. Ireland is also in an increasingly bad way.

What the electorates of these and other crisis-ridden euro economies will soon realise is that kicking the incumbent 'government' out of office and replacing them with the 'opposition' will make very little difference, as the main levers of economic control have left the country for good.

The incredible political and economic implications of the euro have not yet sunk in among the peoples and the media classes of the Eurozone members. They soon will and then things will get very interesting. And potentially very nasty.

~ written by Marc Glendening, DM Campaign Director