Nèdeem Elmahjoub's blog

The Greek crisis five years on: What Yanis Varoufakis did and didn't do and whether there was an alternative. Are there lessons to be learnt? Who is paying the cost of capitulation? Eric Toussaint's scathing critique of the former finance minister of Greece. Capitulating to Adults

Greece A very short summary: Capital and a pro-capital oligarchic party presided over a crisis. A leftist party capitalised on that, but capitulated before the power of capital then implemented what it was imposed on Greece by the institutions of capital. Now the old pro-capital party is back in town. You cannot get a full and more beautiful citcle than that. "Greece is a small and weak capitalist economy; it cannot succeed without success in the rest of Europe; and that applies to a socialist Greece too.  But at least the Greek people would be in control of their own capital assets and labour allocation." What decides "success" within global capitalism is productivity. Greece can never be France or Germany unless its economic productivity matches the French or German one. And it is not about working long hours; it is about what technology and machines employed. Completing the vicious circle

Lack of democracy, Lack of solidarity,  Lack of a bold approach to the capitalist state  From today’s perspective, it can easily be argued that Syriza’s attempt at achieving real change not only failed miserably; it also inflicted a major blow to the Left’s credibility on an international scale and " Despite election promises to end military cooperation with Israel, Tsipras maintained and even expanded this cooperation. Tsipras has referred to Jerusalem as “Israel’s capital”, something not even the United States have dared to do and, needless to say, a slap in the face of millions of Greeks in solidarity with the Palestinian cause. The architect of Syriza’s foreign policy, the “left nationalist” foreign minister Nikos Kotzias, is a true practitioner of Henry Kissinger’s  realpolitik , constructing strategic alliances with the Israel state, the Egyptian junta and any other regional player perceived to be against Turkey, no matter how vicious and ruthless..." "

Varoufakis "speaks of how great it was to have the support of Larry Summers, Norman Lamont, and other figures on the Right, but it was support for whom, for what, and in whose class interests? Class analysis is far from the foreground of the picture sketched out here. Closed rooms and class war

1. Greece's model of capitalism under oligarchic PASOK. 2. Financial terrorism by the Troika 3. As Yannis Retsis says: "It is a crime." 4. "Tsipras is a traitor", many who voted aganist the bailout and more austerity say . The Greek tragedy ... Update: Forbes.com says that the IMF predicts that unepmloyment in Greece will to 12% by 2040! These are good news for those Greeks who could wait and find a job at the age of 60+.