Bureaucrazies Versus Democracy

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The most recent of the almost dai­ly “Greek Crises” has made one thing clear: the Troi­ka of the IMF, the EU and the ECB is out to break the gov­ern­ment of Greece. There is no oth­er way to inter­pret their refusal to accept the Greek’s lat­est pro­pos­al, which accept­ed huge gov­ern­ment sur­plus­es of 1% of GDP in 2015 and 2% in 2016, imposed VAT increas­es, and fur­ther cut pen­sions which are already below the pover­ty line for almost half of Greece’s pen­sion­ers. Instead, though the Greeks offered cuts effec­tive­ly worth €8 bil­lion, they want­ed dif­fer­ent cuts worth €11 bil­lion.

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.