FOREIGN AFFAIRS, July 7, 2015. "At the time of writing, the ECB is not only violating its own statutes by limiting emergency liquidity assistance to Greek banks, but is also raising the haircuts on Greek collateral offered for new cash. In other words, the ECB, far from being an independent central bank, is acting as the eurogroup’s enforcer, despite the risk that doing so poses to the European project as a whole. We’ve never understood Greece because we have refused to see the crisis for what it was—a continuation of a series of bailouts for the financial sector that started in 2008 and that rumbles on today. It’s so much easier to blame the Greeks and then be surprised when they refuse to play along with the script". (Read the article)
Article by MARK BLITH, a Scottish political scientist, and a professor of international political economy at Brown University. He is best known for his critique of austerity, Austerity: The History of a Dangerous Idea, described by Salon.com and AlterNet as "necessary reading" and as simultaneously functioning as an economics explainer, a polemic, and a history book offering "insight into austerity’s lineage, its theories, its champions and its failures." Blyth characterized the argument advanced by austerity advocates as "a canard" and "complete horseshit."
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