the Socialist spoke to ROBERT KEANE, an unemployed construction worker from Blarney, Co Cork, about the cancellation of the Christmas bonus and the threat of cuts to the basic rate of social welfare.
After a year and a half, the Greek debt crisis is far from resolved. In fact, with Greece on the verge of a social explosion, a default and exit from the euro appears almost inevitable. The eurozone is threatened by an interlocking sovereign debt and banking crisis, compounded by near-zero growth. Capitalist leaders are in complete disarray. Competing national interests are a barrier to cooperative measures. socialistparty.net analyses the latest twists and turns of the eurozone crisis.
ON 16 September Fianna Fail’s Brian Lenihan is set to tell the Dail the price he intends to pay for the banks’ toxic loans. The figure is expected to be more than €50 billion. It could be as high as €70 billion.
This is a truly monumental bailout for the banks. The NAMA bailout is likely to be more than ten times the size of the entire “menu” of cuts proposed by An Bord Snip.
The release of the latest estimates from the Department of Finance in the Stability Programme Update illustrates in cold figures in whose interests austerity is being implemented. The figures prove that society and the economy are being destroyed so that the bondholders will be repaid.
