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Re: <nettime> Europe: from bad to worse (should be Greece, from worse
nic on Tue, 30 Jun 2015 00:04:16 +0200 (CEST)

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Re: <nettime> Europe: from bad to worse (should be Greece, from worse

Because they are not within the eurozone, obvs.

It didn't take long for the 'feckless Greeks' line to surface on Nettime now did it? While Greek capital has been in trouble since the 1970s, the current set of problems stems from the financial structure of the Eurozone - namely, its set up so as to circulate surplus German capital (where the currency is undervalued vis-a-vis the old Deutschmark) to Southern Europe, where the currencies are overvalued. This all went to hell in the financial crisis of 2008, and instead of letting the investor banks in the Greek economy go bust the ECB/EU/et al set out to save the French and German banks via the Greek government (moral hazard anyone?). So what we are witnessing is a conflict over French and German investments, and who is to pay for the bail out of them (sound familiar?). But if its orthodox marxism on the crisis you want, you could do worse that Michael Roberts...

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