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I had originally planned to write on one of our domestic news stories here in he states: the taking down of the Confederate flag as a symbol, and its historic importance. Thus the title of the article. But watching the riveting reports on Greece’s ongoing economic situation, I was compelled to keep the title. For better or worse, it still applies.
I normally like to keep topics diverse with each Fe-911 column, but in the instance of Greece’s economic predicament and its ramifications not only in Europe but globally, I beg your indulgence as I try to remain focused.
We are all so connected in this world through our technology and, for better or worse, our economies. Keeping up on the news of the negotiations as EU nations come to grips with Greece’s bailout plan has been painful, as if we’re watching a slow-motion economic train wreck — and the varying degrees to avert it — in progress.
Yesterday, Paul Krugman’s op-ed in The New York Times summed it up:
But still, let’s be clear: what we’ve learned these past couple of weeks is that being a member of the eurozone means that the creditors can destroy your economy if you step out of line. This has no bearing at all on the underlying economics of austerity. It’s as true as ever that imposing harsh austerity without debt relief is a doomed policy no matter how willing the country is to accept suffering. And this in turn means that even a complete Greek capitulation would be a dead end.
In his editorial, Mr. Krugman pointed to the #ThisIsaCoup hashtag, popular this weekend on Twitter, Facebook and across the Web.
It came as a reaction to German Finance Minister Wolfgang Schauble’s response to the Greek bailout package worked out with the help of France and Italy, and proposed last Thursday. Schauble’s reply was that the terms of their new bailout wasn’t enough, and that Greece should sell its ports to the Luxembourg Institution for Growth, a subsidiary of the German KfW Bank where Schauble has a seat as Chairman on its Board of Directors.
A port is one of the mainstays of a stable economy for any city or country, ancient or modern. It is a basic foundation upon which you build a city or country. Selling off a port is tantamount to a country cutting off its legs.
Fortunately, after 17 hours of sometimes contentious negotiations, at least that part of the deal was taken off the table. But further austerity measures remain part of the new deal, and Greece may have to sell its electrical utilities to a private entity. As reported by the BBC, these terms are somewhat worse than the one Greek Prime Minister Alexis Tsipras’ government refused earlier this spring.
What remains now is that Tsipras has to bring this proposed solution back to his Parliament for a vote. Some members of his own Syriza party are against further cuts to pensions and increased taxes. Which means that the one thing the European Commission does not want to happen and tried to avoid with their prolonged negotiations — ‘Grexit’ (‘Greek’ + ‘exit’) — may still come into play.
There are still more critical days ahead, and as Eric has written today about the New Moon in Cancer square Eris on Wednesday — by which time Greece’s Parliament will have voted on the deal — these days should prove quite interesting.
Should Parliament vote “yes” to the new bailout agreement, there remains a strong likelihood that Greece could still buckle under its conditions. If they vote “no” and a Grexit ensues, the EU as currently comprised could collapse. Either will have a ripple effect on our own economy.
Whatever happens when Parliament takes up the vote, the shifts could be geopolitical. It could be a taking down, but of who: Greece or the EC? We have yet to see. Let us focus our intent that the results of proceedings these next few days are the best for everyone involved.
Because news information comes from sources with agendas that are mixed, and sometimes suspect, I invite all our Planet Waves members from across the globe to chime in to help us flesh out this story and bring other perspectives. Flawed or correct, this is just my American view, skewed slightly left. Looking forward to meeting you below in the comments.
Stay with Planet Waves as we move through these historical events in this fascinating moment in time. Here, we keep our fingers on the pulse of current events and keep digging deeper for ways to absorb and understand what’s happening in our world. It’s one of the core ways we practice the Art of Service. We work to inspire all our readers to actively create a positive effect on their individual and collective worlds.
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Joining us will give you access to more information and better tools to not only cope but play in the key of life. It’s worth it! — Fe