Socialist Worker

Euro crisis threatens all workers

Issue No. 2271

Europe’s leading bankers and politicians were in crisis talks this week as they tried to stop Greece from defaulting on its debts.

The banks poured money into the coffers of the Greek rich during the boom years of the 2000s. But in the face of the financial crisis they now want ordinary people to repay the loans that have gone bad.

Yet this is a crisis of their making and a crisis of their capitalist system. There is no reason why the rich cannot shoulder the costs. After all, they were the ones to make money during the good years—and they are still making money now.

The Greek debt crisis is just the latest symptom of a worldwide sickness in capitalism. And worldwide our rulers want to respond by slashing the welfare state and forcing us all to work longer for less.

That’s why the people of Greece have taken to the streets to stop the austerity plans being imposed upon them.

If Greece defaults on its debts it could trigger a second “credit crunch”. Today’s global debt markets are riddled with complex links.

That means nobody can be sure which banks will end up bearing the brunt of a Greek default. All the banks are scared—so they are leaning on their friends in government to make us pay.

We don’t have to take this. It’s time to tell the bosses and the bankers that we won’t pay for their crisis—and that we will strike against their plans for austerity.

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