[MGSA-L] Greece Should Follow Iceland's Lead, Reject Debt Slavery

Christos D. Katsetos cd_katsetos at yahoo.com
Wed Nov 23 17:31:11 PST 2011

The financially struggling Athens (center-left) daily "Eleftherotypia" has published recently 
a mélange of op-eds reflecting different perspectives on the Greek imbroglio and the Euro crisis.
This is a "disordered" and ostensibly confusing mixture of perspectives with one common feature: 
they collectively portend a solemn prognosis for Greece's intractable debt crisis. 

Among the various articles, the one by Prof Costas Lapavitsas from the University of London 
(who recently gave a thought-provoking lecture here in Philadelphia) particularly stood out.
Through a series of plausible arguments Lapavitsas brings forward the radical view that Greece 
has no other choice but to default in the face of gloomy short- and long-term outlooks.

Whilst Lapavitsas' views are to a certain extent, credible, an exit scenario from the Euro-zone may
be calamitous for an ideologically divided, hopelessly unproductive and non-competitive country
with poor fundamentals.  Moreover, our people's lack of motivation and will to "catch the bull 
by its horns" --coupled with sheer lack of a principled and transforming political leadership-- dampen
enthusiasm and add to a pervasive negative perception of Greece. 

The opinion editorial below by economist Prof Yannis Varoufakis (Economic University of Athens) 
on the "Drachma question" seems to embrace a middle ground approach to the complex and multifaceted
issues pounding the Greek economy (and beyond) nowadays. 
Also, see video clips http://www.youtube.com/watch?v=X8OQQDNvEpI

Lastly, of possible interest is the perspective by Roger Scruton, writer, philosopher, and visiting
scholar at the American Enterprise Institute, titled "The Importance of Culture -- It is culture that 
creates economics, and not the other way around," published in the (conservative-right) magazine
American Spectator (September 2011).
Happy Thanksgiving!


 From: June Samaras <june.samaras at gmail.com>
To: HELLAS-GREECE at googlegroups.com 
Cc: mgsa-l at uci.edu 
Sent: Wednesday, November 23, 2011 6:31 PM
Subject: [MGSA-L] Greece Should Follow Iceland's Lead, Reject Debt Slavery
Below is the introduction to a VERY long article and thoughtful on the
causes and consequences of the financial crisis in Europe (and

It was published, of all places,in Forbes' Magazine a few months ago.
Because Forbes is often seen as a source of "big business only" stuff
I never expected to see an article there so truly critical of the
predations of the big banks.

This is a truly eye-opening analysis of the situation, its causes and effects :

"[it] represents a serious body of thought that is being debated, and
we need to hear all sides, rather than just the ones we like."

It also suggests that what is needed is a new programme to end the
debt dependency.
[something like Solon's Seisachtheia ? <g>]

Use this URL for the full details


6/07/2011 @ 10:59AM |11,279 views
Greece Should Follow Iceland's Lead, Reject Debt Slavery
John Mauldin John Mauldin, Contributor

This will be one of my more controversial posts in a great long time.
Indeed, I debated with myself at some length. It will make some
readers mad, but I decided it is more important to make most readers
think. And, as it happens, there are parts of this week’s essay that I
rather aggressively disagree with. That being said, there is a great
deal of truth here. This represents a serious body of thought that is
being debated, and we need to hear all sides, rather than just the
ones we like.

Michael Hudson is a research professor of economics at the University
of Missouri, Kansas City and a research associate at the Levy
Economics Institute of Bard College, which is a serious place, so this
is no ill-informed screed. I generally like their stuff.

Hudson first lays the European crisis at the feet of banks and the
institutions (ECB, IMF, and the EU) that are taking the Greek (and
other) bank debt and putting it into public hands. He has a very real
point. Then he points out that Greece is far better off just walking
away, a la Iceland (at least read the last part of this post, on
Iceland). And in polls he cites, 85% of the Greek people are against
taking on the debt and paying the banks.

As I wrote last week, there is a revolution going on all over Europe,
slowly building up as people realize that the “solution” being offered
benefits banks and not German taxpayers or Greek creditors. Ireland
will be watching. There is no easy way out. If there is a referendum
on this new “troika” proposal, it is likely to lose. This is not over.

Hudson offers a a lot of facts with his analysis. This is a little
longer than most columns, but I encourage you to take the time to read
it. It will make you think, that at least I can promise.


June Samaras
2020 Old Station Rd
Canada L5M 2V1
Tel : 905-542-1877
E-mail : june.samaras at gmail.com
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