Syriza promises first to achieve a substantial write-off of Greek debt and, second, to lift austerity by aiming for balanced budgets, instead of the surpluses demanded by the troika. It will reconnect families to the electricity network, provide food relief and shelter the homeless. It will take immediate action to reduce unemployment through public programmes. It is committed to lowering the enormous tax burden and to boosting public investment in an effort to accelerate growth.
Phi Beta Iota: Rejection of predatory foreign debt is inevitable. Central Bankers (for example in South America) tend to be timid souls that do not think outside the box. Their standard mantra is “we cannot survive an embargo.” That is flat out wrong. What most fail to understand is that the debt is profit — the banks made back their investments and obscene profits long ago — all that is owed now is simply more profit. What most also fail to understand is that any country that spends a year preparing itself for sustainment will not only survive an embargo, it will benefit from an embargo — localized production will be jump-started, alternatives to flawed foreign products with very high “true costs” will be developed, and a great deal of what is now considered essential will be exposed for what it is: expensive waste. Iceland remains the gold standard for modern sound approaches to central bank corruption. Greece, Ireland, Portugal, and Spain all failed to demonstrate intelligence with integrity at the highest levels.