European Monetary Union - A Rod for the Backs ofWorking People

Abstract

Since the election of Syriza in January the Eurozone crisis has become intensely political. In February, Syriza extended the previous governments’ debt-deal with the Troika (EU, ECB and IMF) for an extra four months. Since then, they have come under increasing pressure to do their own deal with these same institutions. If they relent, Syriza will continue imposing the very austerity they were elected to reverse. Paying off their international creditors will come with significant conditions, such as structural reforms to labour markets, cuts to public sector pay, a complete overhaul of the pensions system and a further round of privatisations.