THE BLOG
02/15/2013 07:08 pm ET Updated Apr 17, 2013

European Authorities Still Punishing Greece -- Can They Be Stopped?

Alexis Tsipras has a tough job. He is leader of the Syriza Party of Greece, a left party that has risen meteorically in the past three years: from 4.6 percent of the vote in 2009 to 27 percent last June. It is now the most popular party in the country and Tsipras could be the next Prime Minister.

Unlike most of the eurozone's leaders, he knows what is wrong with Greece and the eurozone, and so does his party: austerity. "We have become the guinea pig for barbaric, violent neoliberal policies," he said at a forum at Columbia University Law School last week, in which I participated.

Tsipras notes that Greece's fiscal problems could be resolved if the rich paid their taxes. The IMF's latest numbers concur on this. According to the Fund, "annual uncollected net tax revenue [is] at 86 percent of collections in Greece, against an OECD average of 12 percent."

So the European authorities -- the so-called "troika" of the European Central Bank (ECB), European Commission, and International Monetary Fund (IMF) -- took what was a manageable problem that was caused by a world economic recession, and made it into a serious depression. More than 26 percent of Greeks are unemployed. The economy has shrunk more than 20 percent since 2008, including a 6 percent decline in 2012; the IMF projects another 4.25 drop this year.

This was published by Al Jazeera English on February 2, 2013. To read the rest of this article, click here.

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