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Bill Mitchell — The Greek colony remains in depression

Summary:
On June 13, 2019, the European Stability Mechanism (ESM) released its – Terms of Reference for the Evaluation of the Greek Programmes. At the same time, the head of the ESM (Klaus Regling) was lecturing Greece, which is approaching a national election next month, that it “risks missing its budget target” (Source). Apparently, as the failed Syriza government tries to gain electoral support after years of abusing the Greek people who put their faith in them, the bean counters are worried that the permanent state of austerity that the Greek colony is now being held in by the Euro technocrats (and the IMF) might be relaxed a little. Regling claimed there was “great risk” in the Greek government engaging in fiscal slippage. When you look at the data, a fiscal flood is needed not just some

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On June 13, 2019, the European Stability Mechanism (ESM) released its – Terms of Reference for the Evaluation of the Greek Programmes. At the same time, the head of the ESM (Klaus Regling) was lecturing Greece, which is approaching a national election next month, that it “risks missing its budget target” (Source). Apparently, as the failed Syriza government tries to gain electoral support after years of abusing the Greek people who put their faith in them, the bean counters are worried that the permanent state of austerity that the Greek colony is now being held in by the Euro technocrats (and the IMF) might be relaxed a little. Regling claimed there was “great risk” in the Greek government engaging in fiscal slippage. When you look at the data, a fiscal flood is needed not just some ‘slippage’. But such is the oppression of the colony that the technocrats are bearing down on the Government. Meanwhile, the Europhile Left continues to laud the EU as a productive arrangement protecting progressive values. It is beyond laughable....
This is a longish, detailed post that displays the underlying dynamics from an MMT POV. Lots in there.

The post also demonstrates how neoliberalism is jointed at the hip with neocolonialism through finance.

Bill Mitchell – billy blog
The Greek colony remains in depression
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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