“And I shall wear the creditors’ loathing with pride.”–Minister of Finance Yanis Varoufakis
By Doug Porter
US newspapers today are telling readers about a “shocking rebuff” or a “stunning rejection” by Greek voters of a deal offered by international lenders to refinance that country’s debt.
The overwhelming “No” vote may be stunning for bankers and neo-liberal economists as it flies on the face of the presumption holding there was only one way out of the current crisis. The Greek people saw their vote as rejection of blackmail; they’ve had enough austerity, thank you.
Today, I’ll offer readers some viewpoints not commonly seen in coverage of the Greek financial crisis. The No vote is not the end of the world. Much of what we’ve been told/sold paints an incomplete picture. And anybody (Carl DeMaio, for instance) who’d like you to believe that Greek pensioners are at the root of the problem is selling snake oil–they are a symptom, not a cause. [Read more…]