In this post, Kalypso Nicolaïdis, Professor of International Relations at Oxford, and Othon Anastasakis, Director of the European Studies Centre, St Antony’s College Oxford, explain how a ‘yes’ vote in tomorrow’s Greek referendum is a choice for dignity rather than fear, as canvassed by the No campaign.
The SYRIZA government claims that a No vote in the referendum is about dignity. A Greece that can say no, no matter the consequences. A Greece that can at last resist creditors’ demands, just as its national heroes of yesterdays resisted the Italian and Nazi invasions. For many Greeks, – supporters of SYRIZA-ANEL-Golden Dawn – today’s no echoes the OXI in 1940 spelled out with trees on the hillside of Epirus for the advancing enemies to behold. Seventy five years later, they think that will show the world that they can still take the heroic stance. Against such a no, according to them, the YESes are the cowards, those who accept to be bullied and blackmailed, the German collaborators. In this simple world view, YES means fear. No means pride.
What is wrong with this picture? What is wrong with the “dignified” No? Continue reading
Joseph Stiglitz’s influential call on the Greeks to vote ‘no’ in Sunday’s referendum has received attention from all corners of the globe. In this response, Kira Gartzou-Katsouyanni and Philip Schnattinger, critically analyse Stiglitz’s arguments and put forward an argument for a ‘yes’ vote.
Joseph Stiglitz’s call on the Greeks to vote ‘no’ in Sunday’s referendum has received broad international publicity and has given an enormous boost to the ‘no’ campaign in Greece. Yet many of his arguments about both economics and politics are at best one-sided.
Stiglitz talks a lot about the Eurozone’s democratic flaws. Indeed, many of us have participated in discussions about the European Union’s democratic deficit in the past, and there is no doubt that there are ways in which the Eurozone’s democratic credentials can be improved.
But the Eurogroup’s decision not to extend the economic adjustment programme beyond its expiry date was not an example of anti-democratic behaviour by European technocrats. On 20 February, the Greek government agreed to the extension of the programme which was due to expire on 30 June. It has been publically known for five months that without another agreement by the end of June, Europe’s money to Greece would run out. We all knew that this would include the end of the ECB’s emergency liquidity programme, which had already been increased in size several times to keep the Greek banking sector afloat.
On 30 June, Greece defaulted on its loan repayments to the IMF. Providing a counterpoint to anti-austerity commentaries, Richard Corbett, Member of the European Parliament from 1996-2009 and since 2014, argues that the bailout loans and the debt restructuring that Greece received were a show of European solidarity, rather than imposing austerity. Had they not attenuated the pain, he explains, the plight of Greece would have been worse. He also criticises the Greek government’s decision to hold a referendum. This post was first published on Richard Corbett’s website.
It seems that there are just hours left to avoid a drastic situation in Greece.
At first sight, the natural sympathies of many people, especially on the left, will be with Greece. Is this not a plucky little country, standing up to the IMF and the richer eurozone countries to oppose austerity politics? And there can be nothing but sympathy for the plight of ordinary Greek citizens after a big drop in their standard of living, high unemployment and cuts to even basic public services.
But anyone who has actually looked into the figures and the details of this ongoing saga will know that it ain’t so simple.
In this post, Pavlos Eleftheriadis, Associate Professor of Law and a Fellow of Mansfield College at the University of Oxford and a spokesman on EU affairs for the Greek political party ‘To Potami’, argues that a vote in the Greek referendum on Sunday will be a choice for or against Europe.
The Greek referendum is a choice for or against Europe, for the drachma or the Euro, a choice between isolation or engagement with Europe. It is also a vote of confidence, or not, for the new government.
A ‘no’ vote, which the government of Syriza and the Independent Greeks propose, will begin a process of gradual disengagement from the Eurozone and possibly from the EU. A ‘yes’ vote, on the other hand, will be a spectacular defeat for the government, which only a few weeks ago had an approval rating of 60 or 70 per cent. It will also be a powerful statement of intent of the Greek people for staying the course of painful reform, which began in 2010 and has seen the largest fiscal consolidation in history and a drop of 25 per cent in GDP.
Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, was Chairman of President Bill Clinton’s Council of Economic Advisers and served as Senior Vice President and Chief Economist of the World Bank. In this commentary, he describes the true nature of the ongoing debt dispute as being about power and democracy much more than money and economics—and takes a stance on how he would vote in the Greek referendum. This post was first published by Project Syndicate.
The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.