Friday, August 21, 2015

There's an interesting symmetry between the Greek and German parliaments. So far, Syriza has lost a chunk of its own MPs during debates, but it's counted on the support of the Opposition to get through its prior actions (at least, the selected few measures it's presented so far). The angry mob outside the Vouli is ignored.Merkel too knows that even with the angry dissent of many of 'her own' CDU MPs she has the supine SPD as part of the Grand Coalition, jumping nearly as high as she dictates, with only the unpopular Gyzi and die Linke opposing her.  That the Bundestag is acting against the will of 85% of the German people seems not to worry its MPs at all.  Only concerted opposition from CDU and SPD against their own leaderships would change anything in the Bundestag. or new elections.
Ditto in Greece,, It seems Greek MPs are also "completely in the dark" about whether Greece will receive any debt relief - and if yes, when. I've just got off the phone with Costas Lapavitsas, a Syriza MP and professor of economics at SOAS university in London, who has described today's agreement in principle as "outrageous", misleading and based on policies that have failed over the past five years.  He described claims by officials that Greece will avoid austerity measures worth around €20bn because of the relaxed primary surplus targets attached to the new debt deal as "wrong".
He said the debt deal had "bypassed democratic procedure" because MPs had not been consulted before it was announced. "When were these conclusions [on prior actions and targets] made? Who decided on that? It's outrageous, it's absolutaely outrageous," he said. 

1 comment:

Anonymous said...

NEW YORK (AP) — A barrel of U.S. crude fell below $40 per barrel for the first time since the end of the global economic crisis.

Friday’s fall, to $39.86, was just the latest indicator of a vast shift in the energy landscape.

Oil prices have been falling solidly for eight consecutive weeks. That’s the longest streak since 1986.

Prices have fallen almost 60% since this time last year, and more than 34% in just the past three months.

The U.S. is churning out oil at an unprecedented pace, adding to the supply from energy powerhouses like Saudi Arabia and other OPEC nations.

What may be pushing prices this low, and possibly lower, is a steady drumbeat of economic data out of China suggesting that the world’s second largest economy is slowing.