A telegram about the Greek referendum

Being in the Euro basically meant improving our accessibility to the financial markets (i.e. lower interests and cheap money) – this was very welcome for the banking and construction sectors in Spain and other countries. However, this also meant a progressive deindustrialisation and resigning to the fact that there was little possibility of a sustainable production model in the long term. We didn’t mind. Some people even called this – the economic miracle. We lost control of the monetary policy.

After a while the crisis arrived. We lost control of the fiscal policy. The ‘recommendation’ was austerity policies in order to escape the crisis – the house (i.e. the bank) always wins.

Finally, if the European institutions (subservient to the interests of the banks) can create bank runs, they can also choose the governments – a farewell to representative democracies.

On 25th June 2015, Greece voted OXI (i.e. ‘NO’) to the application of more austerity policies. Democracy is surviving for the moment.

#thankGreece #thankVarufakis


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