Syriza’s anti-austerity programme is more sensible than radical, and what Greece needs. But the EU is far from convinced• Owen Jones: Syriza could kill off austerity in the EUThe Greek parliament has failed to elect a new president and the country’s constitution dictates that there should now be parliamentary elections. These will be critical for Greece and also important for Europe. A victory for Syriza, the main leftwing party, would offer hope that Europe might, at last, begin to move away from austerity policies. But there are also grave risks for Greece and the European left.The rise of Syriza is a result of the adjustment programme imposed on Greece in 2010. The troika of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) provided huge bailout loans, with the cost of unprecedented cuts in public expenditure, tax increases and a collapse in wages. It was a standard, if extreme, austerity package, with one vital difference: austerity could not be softened by devaluing the currency as, for instance, had happened in the Asian crisis of 1997-98. Greek membership of the euro had closed all escape routes. Continue reading...
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