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Monument Securities Chief Economist Stephen Lewis says the chaos in Greece could lead to collapse of the European Union, bringing down with it the dangerous assumption that structures of global governance provide stability in times of financial peril, but the World Bank and IMF vultures will be waiting as ever to feed on the remains of a dying country.Striking Greek workers and civil servants have violently protested their government’s acceptance of the terms of an EU-IMF bailout, which sacrifices their future prosperity in a trade off for an attempt at stabilizing the Euro zone as a whole, a damning indictment of how global governance, which was introduced under the justification of maintaining financial stability, has had the exact opposite effect, with the virulence of the contagion from Greece threatening to spread to Portugal, Spain and Italy. “There can be little wonder that the bailout finds little favor with Greek popular opinion,” Lewis said. “It must be obvious to Greek citizens that its terms pay scant regard to their future prosperity, which is being sacrificed in an increasingly forlorn hope of preserving a stable currency for the use of citizens in other member-states”...EU Is Collapsing Like Tower Of Babel...
Monument Securities Chief Economist Stephen Lewis says the chaos in Greece could lead to collapse of the European Union, bringing down with it the dangerous assumption that structures of global governance provide stability in times of financial peril, but the World Bank and IMF vultures will be waiting as ever to feed on the remains of a dying country.Striking Greek workers and civil servants have violently protested their government’s acceptance of the terms of an EU-IMF bailout, which sacrifices their future prosperity in a trade off for an attempt at stabilizing the Euro zone as a whole, a damning indictment of how global governance, which was introduced under the justification of maintaining financial stability, has had the exact opposite effect, with the virulence of the contagion from Greece threatening to spread to Portugal, Spain and Italy. “There can be little wonder that the bailout finds little favor with Greek popular opinion,” Lewis said. “It must be obvious to Greek citizens that its terms pay scant regard to their future prosperity, which is being sacrificed in an increasingly forlorn hope of preserving a stable currency for the use of citizens in other member-states”...
