For the ruling class, the economic crisis is an opportunity. Politicians may talk a lot about the debt—but their austerity policies are not really driven by a burning desire to bring down the deficit.
Instead they are motivated by the desire to protect and expand their wealth, and that of the whole ruling class.
During a crisis they try to get away with massive attacks on the living standards of millions of ordinary people in the name of saving the economy.
We are seeing this economic restructuring the world over.
Everywhere people are told they must pay for failing banks which have been rescued by national economies—that are in turn dragged down by the toxic debt. This is at its most dramatic in Greece.
But this week’s downgrading of Britain’s economic outlook shows that this is not just a Greek problem—nor is it confined to the eurozone.
In Britain we are told our pensions and welfare payments are too generous, that public sector workers are too well paid and that we have to cut back.
The TUC calculates that unemployment could be as high as 6.3 million if you count those who can’t get a full-time job.
But still the Tories say we need more austerity.
What the IMF and European banks are doing to Greece is intended to scare us into submission.
Greece is being punished because, so far, the ruling class assault has not crushed the resistance.
The Greek government has passed the most devastating austerity package in its history. Now it has been told that even this may not be enough to guarantee a bailout.
None of the bailout funds will go the people hit hardest by the crisis in Greece.
The money, if it finally gets paid, will be put into a Brussels fund so that the European banks can get direct access.
Austerity protects the bosses and the bankers.
The only way to respond is to follow the Greek workers and organise mass resistance.