Archive for November 3rd, 2011
The anti-capitalist left in Greece argues for a “default from below” or a “people’s default”. Cancelling the debt on the initiative of workers would mean pain for the banks and gains for working people. The cost of interest payments to banks has escalated from around 10 billion euros a year back in 2007, when the crisis started, to 18 billion euros now. If Greece stopped paying these vast sums, there would be no need to close schools and hospitals or to cut wages and pensions. The entire wage bill for the civil service is 16 billion euros—smaller than the interest payments.
My latest contribution to the tax debate in The Conversation. http://theconversation.edu.au/heres-a-novel-reform-idea-tax-the-rich-4118