Debtocracy Page #2
- Year:
- 2011
- 75 min
- 36 Views
are winners because of the Euro.
The competitiveness of EU states
came to vary a lot
and the competitiveness of peripheral
countries fell steadily and systematically behind.
This was directly due to the Euro.
ric Toussaint, president of the Committee
for the Abolition of Third World Debt
-
The crisis in the EU was a result
of the way Europe was integrated.
With Greece, it's like putting
Muhammad Ali
the World Heavyweight Champion,
in the ring with a featherweight boxer
and telling them: Start fighting
and let's see who wins.
Why are the peripheral countries
lagging behind in competitiveness?
Most of all, what causes
this divergence to keep increasing?
The myth of the "lazy periphery"
and "industrious Germany"...
with its "high productivity" is just that.
All the German governments managed
was to declare war
on their own work-force...
for a decade.
Sahra Wagenknecht - Deputy Chairperson, Die Linke
-
In recent years, the nominal increase
in salaries was 7% (in Germany)
while in the Eurozone it was 27%.
This gap logically results in loss
of competitiveness in other countries.
When salaries go down in one country,
while they go up in all the others
it's only natural that the competitiveness
of the German economy is boosted
while the other countries
are unable to follow.
The Eurozone countries are no longer
able to devaluate their currency.
This resulted in the establishment
of a mechanism
which was bound to lead
to the results we have today.
Costas Lapavitsas - Professor in Economics:
-
The loss of competitiveness
manifested itself in two ways
both of which played
a decisive part in the crisis.
Firstly, great deficits occurred
in current transactions.
And Greece had the greatest deficit
of all. When you're unable to compete
your transactions with the rest
of the world result in a deficit.
But this goes for the other
peripheral countries, as well.
This phenomenon went hand-in-hand
with the accruing of debt.
If you have such deficits,
you must balance them somehow.
In the EU, Greece is the poor relative.
Greece belongs to the European
Continent's semi-peripheral countries.
It's evident that Greece
was bound to accrue national debt
given the circumstances of its
integration into European markets.
I won't even bother with the rumour
that Greeks are lazy.
That's pure racism.
The Eurozone destroys the immune system
of peripheral countries
leaving them exposed
to the global crisis.
The Achilles' heel of those countries
is deficit and debt.
In our case, the debt is rooted
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