Monday, May 14, 2012

Thom Hartmann: The Euro crisis, and the revolt against trickled-down austerity, enters a new phase

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Europeans stocks are tumbling and investors around the world are keeping a close eye on Greece as the Euro crisis enters a new phase. On the heels of elections that ousted the pro-austerity government in Greece - new anti-austerity parties have - so far - been unable to form a coalition government. Greek President Karlos Papoulias is desperately trying to bring together party leaders for a meeting today in hopes of finding a coalition government. But, far-left SYRIZA Party leader - Alex Tsipras - is refusing to attend the meeting alongside other parties that support austerity.
Neither austerity nor anti-austerity parties won enough seats in the last election to form a coalition government - meaning the President will likely have to call for a new round of elections in the coming weeks. If so, the far-left SYRIZA party will likely pick up even more seats in Parliament - making an anti-austerity coalition government a real possibility just before Greece runs out of money as early as next month. When Greece goes broke - if the new government refuses to sign on to the IMF and EU-backed austerity and bailout - then Greece will default and likely be forced out of the Eurozone. Thanks to the worldwide economic meltdown and trickle-down austerity response - the Greek economy has been in recession for the last five years. At least now - an end might be in sight - although it could get very, very painful.
Meanwhile in Germany - Chancellor Angela Merkel saw her Conservative Party get crushed in state elections in the North Rhine-Westpahlian - the biggest state in Germany. Merkel has been leading the charge for austerity around Europe - but now finds herself vulnerable as support for her Party plunged to 26% - its worse result since World War 2.
Everywhere you look - the supporters of trickle-down austerity are getting hammered by voters. Let's help Americans get the message - and kick the Republicans, pushing their own trickled-down austerity here, to the curb.
(Will America get the message? Tell us here.)

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