Greece Over the Brink

Mark Thoma posts an excerpt from Greece Over the Brink, by Paul Krugman, Commentary, NY Times.

Don’t be taken in by claims that troika officials are just technocrats explaining to the ignorant Greeks what must be done. These supposed technocrats are in fact fantasists who have disregarded everything we know about macroeconomics, and have been wrong every step of the way. This isn’t about analysis, it’s about power — the power of the creditors to pull the plug on the Greek economy, which persists as long as euro exit is considered unthinkable.

Emphasis Mine

Greece is witnessing a power struggle between an elected government and the unelected bureaucrats of international financial institutions. This is a proxy struggle between workers and the financial capitalists.

The Capitalists know that defeat in Greece almost assuredly means defeat in Spain. They will pull out all stops to make the expected 'NO' vote on Sunday to be irrelevant. Democracy must not allowed to prevail over the Capitalists.

Workers will have to realise that victory in Athens, or even in Madrid is not the end of the story. It is not even the beginning of the end. Only by joining the struggle to raise ours and others political consciousness can we make this the end of the beginning.