‘austerity’ or ‘Grexit’: is there really no better alternative for Greece?

wall of controversy

Should the Greeks submit to further the “austerity measures” that have already destroyed their economy and social infrastructure as Angela Merkel and others are demanding, or should they drop out of the Euro and begin tackle their debt crisis by returning to a hugely devalued Drachma? These are the only available choices, as we are all, Greeks included, constantly reminded.

Christine Lagarde, the Managing Director of the IMF, is one of those calling for continued “austerity”, and this is, of course, perfectly in-keeping with her position. Ruining countries through debt and “austerity” being the legacy of so much IMF and World Bank intervention. Lagarde is also keen to protect the Euro, and, as she made very plain in a recent interview to the Guardian [Fri 25th May], couldn’t care less what this means to the Greeks or the Spanish or anyone else in Europe:

So when she studies the…

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