The Eurozone's giant sucking sound | 136 comments (136 topical, editorial, 0 hidden)

Re: The Eurozone's giant sucking sound (none / 0)

I agree, except that "honing comepetitiviness" need not be synonymous to cutting or stagnating salaries. It that were so, North Korea and Somalia would be the most competitive economies in the world.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Wed Sep 5th, 2012 at 10:16:33 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (4.00 / 2)

Tell that to the EU: Leaked: Troika requires 6-day working week in Greece (RT.com, 04 September, 2012)

A leaked email sent to the Greek Ministries of Finance and Labor from the Troika says Greek private sector workers should work six days a week and longer hours.
The letter, which was published on August 31, shows that the Troika expects the Labor Ministry to implement a number of other new measures. They include reducing the notice period before firing a worker, and cutting certain severance packages by 50 per cent by giving employers the right to reduce workers' time in service. Restrictions on overtime are also expected to come into effect.
"It also wants a dismantling of the labor inspectorate which is the public service that is responsible for implementing labor law. So it's not only about making the labor market more flexible," Panagiotis Sotiris from the University of the Aegean told RT.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Carrie (migeru at eurotrib dot com) on Wed Sep 5th, 2012 at 10:28:01 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (none / 0)

Heh. I wonder why they don't just outright demand that all Greek salaries are cut by 30% straight away. It would, after all, work.

For a very theoretical given value of "work"...

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Wed Sep 5th, 2012 at 10:35:48 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (none / 1)

You have to start wondering what the "goal" is. The policy is not consistent with the stated goal, and after 3 years it's evident it isn't, in practice.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Carrie (migeru at eurotrib dot com) on Wed Sep 5th, 2012 at 10:49:40 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (4.00 / 4)

The goal is 'reform' - i.e. wealth capture by the rich.

The crisis is a convenient excuse to introduce 'reform' not a solution for it.

The problem it is a solution for - i.e. popular democracy, worker power, and security - is never stated explicitly.

The Econo and the various Neo-Lib rags haven't exactly been hiding the aim, although they have done an excellent job of misdirecting the media since 2008, when there was at least a small danger that things could go the other way and the vampires would have their fangs pulled.

Arguably 'reform' and the destruction of Social Democracy has always been the goal, from at least the time of Maastricht onwards.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed Sep 5th, 2012 at 11:10:14 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (4.00 / 3)

I'd say the goal and the plan is indefinitely kicking the can down the road while praying for divine intervention.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Wed Sep 5th, 2012 at 11:17:16 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (4.00 / 2)

Survive until 2013? What then?

by Colman (colman at eurotrib.com) on Wed Sep 5th, 2012 at 11:39:32 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (4.00 / 3)

Then Merkel can start talking about the magical date of 2017.

If you are not convinced, try it on someone who has not been entirely debauched by economics. — Piero Sraffa

by Carrie (migeru at eurotrib dot com) on Wed Sep 5th, 2012 at 11:53:00 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (4.00 / 5)

I'm leaning towards the "bag of rats" theory, which I developed while involved in student politics.

I observed a tendency for a lot of the student union types to posit a "College" that was against them - in their minds there was a unified enemy with a coherent plan to keep them down.

In fact, the various departments, academics and administrators were much more interested in fighting among themselves in order to maximise their own local and personal interests than in anything to do with bothering students.

I don't think there is a goal. There's a big mess and a lot of people, states and organisations trying to further their own agendas. Which, given the zeitgeist, is a recipe for horror.

by Colman (colman at eurotrib.com) on Wed Sep 5th, 2012 at 11:46:48 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (none / 0)

I may rewrite that in coherent English at some stage. WTF?

by Colman (colman at eurotrib.com) on Wed Sep 5th, 2012 at 11:55:04 AM EST
[ Parent ]

Re: The Eurozone's giant sucking sound (none / 1)

Insightful. Good summary.

(Sounds like Ankh-Morpork.)

by Number 6 on Fri Sep 7th, 2012 at 10:54:55 AM EST
[ Parent ]

The Eurozone's giant sucking sound | 136 comments (136 topical, 0 editorial, 0 hidden)

Top Diaries

City Agriculture - November 7, 2025

The Ritual of Civility

Energy (and Other) Events Monthly - November 2025

Recent Diaries

The Roaring Twenties and a United Europe

True Sovereignty, Ban American Violent Culture

Türkiye Caught Between the Garden and Jungle

City Agriculture - November 7, 2025

The Loss of the Donbas' Key City Pokrovsk

The Ritual of Civility

Judeo-Christian Civilization Under Attack from the Left

Lucifer Added a Traveler Today [Update]

Dutch Model for Progressive Victory over Populism

Dutch Angry Mob In Voting Booth

Hero of Democracy: Zohran Mamdani Next Mayor New York

Rob Jetten the Youngest Dutch PM .. A New Era

U.S. Foreign Fallacy Seen Through Political Cartoons

Slow Demise One-man Show Wilders - Part 2 [update]

Big Oil Rewrites EU Sustainability Rules

Energy (and Other) Events Monthly - November 2025

Slow Demise One-man Show Wilders - Part 1

Former NATO SG Warns Europe Is Threatened by America's MAGA

Draghi Report Hijacked by American Capitalism

Humiliation of Netanyahu .. Who Is the Boss?

Occasional Series