A short illustrated guide to the EU financial crisis.

Greek Left Review

By ROAR Collective

roarmag.org

Post image for Austerity explained: a pocket guide to the EU crisisBy blaming the crisis on public spending, politicians’ and bankers’ only solution was to impose austerity. This has predictably worsened the debt crisis.

 

Excerpt via the Transnational Institute in Amsterdam.

“We are punishing the innocent through austerity, and we are rewarding the guilty because the banks are continuing to receive huge privileges and subsidies from our governments. That is why we must defeat this austerity treaty, and all the measures that come with it unless we want Europe to be retrograded to, shall we say, the 19th century.”

Susan George, President of the Board of the Transnational Institute, author of Whose Crisis, Whose Future?

Austerity measures have never worked, and have led growth to collapse across the EU. Greece witnessed its battered economy shrinking by 6.2% in the second quarter of 2012, and is forecast to enter its sixth straight year of recession in 2013. Austerity…

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