Το ιστολόγιό μας δημοσιεύει σήμερα στα αγγλικά το πάντα επίκαιρο άρθρο του Χάρη Σαββίδη: »Η Αριστερά οφείλει να απαντήσει: τι σημαίνει η άρνηση πληρωμής του χρέους; »https://contramee.wordpress.com/2012/05/18
Πήραμε την πρωτοβουλία για την μετάφραση του άρθρου , λόγω της ιδιαίτερα μεγάλης και συνεχούς αναγνωσιμότητάς του. Το άρθρο δημοσιεύτηκε πρώτη φορά στις 16.5.12 στην ιστοσελίδα της πολιτικής ομάδας ΞΕΚΙΝΗΜΑ**
Ο Χάρης Σαββίδης είναι οικονομολόγος, επικεφαλής του διεθνούς οικονομικού ρεπορτάζ στην εφημερίδα Ημερησία και συνδικαλιστής. Το κείμενο μετέφρασε η Δήμητρα Αγγελοπούλου.
The left must answer: What does refusal of payment mean?
By Haris Savvidis
KKE, ANTARSYA, a big part of SYRIZA (e.g. the Left wing of SYN), as well as a series of left-leaning groups not represented in parliament, that do not belong to any of the above mentioned parties, in other words, the majority of the left, supports “proudly” the non-recognition of the debt (and therefore refusal to pay it) in one way or another. The majority of the leadership of SYN, is talking about a “re-negotiation” which will take place in the Eurozone.
Although the majority of the left supports the non recognition of the debt as a whole (or at least of the bigger part of it) and an increasing part of the society is moving towards that direction, there doesn’t seem to be an agreement on what would be the consequences of such a move. There is a lot of confusion on that matter and on the solutions the left suggests in order to face the possible repercussions.
Therefore, it is really important to describe what is about to happen, if Greece refuses to pay the debt and to suggest solutions to the problems that may arise. It is a political responsibility of the left, not only to propose the refusal of payment, but also to inform the Greek people about what that means. To say what would happen if the left was the government, either as a result of a declared aim, or as a result of its strategy against the payment of the debt.
This conversation is not abstract or theoretical anymore. In a few weeks from now, there is a serious chance of formation of a left government in Greece.
Let ’s suppose: The left in power
Supposing that, after the upcoming election, a left government refuses to repay the bonds issued. Let’s also suppose that Greece remains in the EU and the Eurozone, as Greeks wish (according to the opinion polls) and there is no legal way to push them to the exit against their will.
Assuming that the suspension of payments is not going to be supported by the Troika, it is obvious that the European governments and the community institutions will be extremely hostile.
“Bank run”
Even if the Greek government insists on remaining in the Eurozone, one thing is for sure: there is going to be intense anxiety about the country ’s place in the euro. Probably, there is going to be a “bank run”. In other words, thousands of depositors in panic will rush to the banks in order to take out their money. No banking system is able to survive this phenomenon, because the banks can dispose in cash only a very small part of their deposits. Moreover, the banks (as well as the insurance funds) are also going to be affected by the suspension (or the abeyance) of payments, because they own a lot of Greek bonds.
Consequently, there is an objective need for nationalization of the banking system. That’s what the Troika foresaw in its plan, despite the fact that the bankers managed to retain the control of their banks, after having been bailed out by the state.
Nationalization of the banks
Therefore, we could not possibly suggest the refusal of payment (of the whole debt or of the bigger part of it) without also proposing the nationalization of the banks.This alone is not going to solve the huge problem of available funds that the economy will have to face.
In Greece, as well as in each and every one of the states of the Eurozone, the funds enter the economy through the eurosystem created by the central banks, following the plan of the European Central Bank.
(περισσότερα…)
contramee 