Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
They are accepting these under terms that stifle the respective economies, especially if you are not very high up in the ladder. They are buying up bad debt to protect private bankers from a EU periphery default, and at the same time imposing (and that is exactly the word, they are actively taking part in these discussions in Greece) a neoliberal agenda that destroys among other things labor rights, collective bargaining and any vestiges of a social state - this is a politically unaccountable yet activist ECB. And if you look at the Merkel / Sarkozy "competitiveness agenda", which is about to be rammed down the throats of pretty much every one in the EU, it turns out that this was a part of a very aggressive Shock Therapy strategy.

This is most definitely not what a Central Bank should be doing. The ECB is acting literally as an enemy of the people. Of all countries.

The road of excess leads to the palace of wisdom - William Blake

by talos (mihalis at gmail dot com) on Sat Feb 5th, 2011 at 06:13:22 AM EST
[ Parent ]

Others have rated this comment as follows:


Top Diaries

In which I defend Wolfgang Schäuble

by rz - Jul 15

I'm done with the EU

by tyronen - Jul 13

The Greece Blame Game

by Frank Schnittger - Jul 20

The democractic insolvency

by rz - Jul 16

Scape goating Greece

by Frank Schnittger - Jul 13

Occasional Series