Debt-free and proud: Greece under the leftists

No debt repayments, higher salaries and freedom from EU-IMF tutelage: Greece under the radical leftists, who are poised to win a June 17 election, seems a world removed from its current recession nightmare.

The Syriza party has pledged to tear up Greece's loan agreement with the EU and the IMF, which is currently keeping the country on its feet but at the cost of an unprecedented wave of austerity cuts and structural reforms.

If implemented, such a programme, which would also mean the nationalisation of banks and a halt to privatisation, could well mean Greece's ejection from the eurozone, potentially sending shockwaves through the global economy.

Fed up with two years of salary and pension cuts, Greek voters on May 6 punished larger parties associated with the bailout and catapulted Syriza to second place, within striking distance of the top.

Opinion polls show that the radical leftists, only the fifth party in 2009, could even emerge as the victors in this month's repeat ballot.

The condensed programme of the loosely-knit coalition of moderate Communists, Trotskyists, ecologists and other leftist groups was announced on June 1.

In it, the party's leading minds set out their vision for a more equitable Greece, liberated from the excesses of capitalism, heavy industry and political corruption.

Under Syriza's blueprint, state loan repayments to service a debt of over 350 billion euros ($433 billion) are to be frozen to free funds for social support programmes.

The privatisation of major public companies -- a key condition of the EU-IMF bailout deal -- is to be suspended as well.

Greek banks that draw on European support funds to recapitalise themselves after a landmark state debt cut brokered by the previous government in March will be "nationalised and socialised."

And the EU-IMF bailout deal, dubbed here the "memorandum," which the leftists say has brought only recession and misery to Greece, is to be rejected and redrawn from scratch.

"The first act of the government of the Left will be to annul the memorandum and its application laws," Syriza's 37-year-old leader Alexis Tsipras said on Friday.

"We will seek a new renegotiation of the debt at European level, aiming to drastically reduce it, or a debt moratorium and a suspension of interest payments until conditions for the stabilisation and recovery of the economy are created," Tsipras said during a presentation of the party's revised programme.

A previous version of Syriza's platform, drawn up in April, had pledged to outlaw offshore company dealings and shut down NATO bases in Greece.

The revised version released on Friday plans a withdrawal from NATO operations, starting from Greece's mission to Afghanistan, and a future "disengagement" from the military alliance altogether.

"At a time when the international balance shifts and US hegemony increasingly comes into question, the policy of Euro-Atlanticism and complying with NATO war plans has no future," said senior party member Thodoris Dritsas.

The older parties Syriza decimated on May 6, the socialist Pasok and the New Democracy conservatives, have dismissed its programme as unrealistic and Tsipras as an arrogant demagogue still wet behind the ears.

"Those who speak of a one-sided rejection of the bailout are like children playing with matches inside an armoury," New Democracy leader Antonis Samaras said during a presentation of his party's own programme on May 31.

Syriza's leading economist Yiannis Dragasakis, a former junior finance minister in 1990, believes Greece could take a political decision to reject the loan agreement and dump unwanted labour reforms yet still retain vital EU-IMF loans.

"Some elements of the bailout deal can be rejected unilaterally. Others require cooperation to do so," he said in a recent televised interview.

Even European MP Daniel Cohn-Bendit -- a left-wing icon and staunch critic of Greece's bailout terms -- recently dismissed Syriza's plans to reverse wage cuts as "idiotic".

"Europe will give no more money, Greek coffers are empty," he told a Greens news conference on May 23, after Tsipras had visited Paris and Berlin.

"It's like asking someone 'how would you like to commit suicide, with a gun or an axe?'" he said.

In March, Syriza sued Germany's Bild newspaper for a million euros ($1.26 million) after it allegedly portrayed Tsipras as a "half-criminal" who "openly supports violent anarchists."

"Will these radicals soon be governing Greece?," the tabloid asked its readers.


Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • N. Korea fires missiles in anger at South-US military drills
    N. Korea fires missiles in anger at South-US military drills

    North Korea fired two short-range ballistic missiles into the sea and vowed "merciless" retaliation Monday as the US and South Korea kicked off joint military drills denounced by Pyongyang as recklessly confrontational. The annual exercises always trigger a surge in military tensions and warlike rhetoric on the divided peninsula, and analysts saw the North's missile tests as a prelude to a concerted campaign of sabre-rattling. "If there is a particularly sharp escalation, we could see the …

  • Troops overrun BIFF bomb-making facility in Mamasapano
    Troops overrun BIFF bomb-making facility in Mamasapano

    Government troops captured Sunday a bomb and weapons factory of the Bangsamoro Islamic Freedom Fighters (BIFF) in Mamasapano, Maguindanao, the Armed Forces of the Philippines (AFP) announced yesterday. Col. Restituto Padilla, AFP spokesman, said the captured bomb and weapons factory is located inside an area controlled by radical Muslim cleric Ustadz Mohammad Ali Tambako at Barangay Dasikil in Mamasapano. …

  • No need for Revilla to visit son – prosecutors
    No need for Revilla to visit son – prosecutors

    Instead of filing an opposition, ombudsman prosecutors filed a manifestation yesterday expressing belief that there is no urgent need for Sen. Ramon “Bong” Revilla Jr. to visit his son at the Asian Hospital and Medical Center. “Based on the clinical abstract issued by the Asian Hospital on patient (Cavite) Vice-governor (Jolo) Revilla, which was submitted by accused Revilla in support of his Urgent Motion, Vice-governor Revilla is in stable condition and has stable vital signs, as of March 1, …

  • Couple married 67 years holds hands in final hours together
    Couple married 67 years holds hands in final hours together

    FRESNO, Calif. (AP) — After spending 67 years together as devoted husband and wife, there was no question how Floyd and Violet Hartwig would end their lives — together. …

  • How Islamic is Islamic State group? Not very, experts say
    How Islamic is Islamic State group? Not very, experts say

    CAIRO (AP) — Three British schoolgirls believed to have gone to Syria to become "jihadi" brides. Three young men charged in New York with plotting to join the Islamic State group and carry out attacks on American soil. A masked, knife-wielding militant from London who is the face of terror in videos showing Western hostages beheaded. …

  • 'Jihadi John' relatives under watch in Kuwait
    'Jihadi John' relatives under watch in Kuwait

    Kuwaiti authorities are closely monitoring several relatives of "Jihadi John" who live and work in the Gulf emirate where the Islamic State executioner was born, press reports said on Sunday. A number of relatives of Mohammed Emwazi, named as the militant who has beheaded at least five Western hostages, are working in Kuwait and like him hold British citizenship, Al-Qabas newspaper reported. "Security agencies have taken the necessary measures to monitor them round the clock," the paper said, …

  • Lawmakers split on tax exemption for Pacquiao
    Lawmakers split on tax exemption for Pacquiao

    Colleagues of boxing champion Manny Pacquiao at the House of Representatives backed yesterday a proposal to exempt his earnings from his May 2 fight with American Floyd Mayweather from income tax. Internal Revenue Commissioner Kim Henares has urged Pacquiao to promptly pay taxes on his May 2 earnings, which are projected to reach at least $120 million (more than P5.2 billion). …

  • Woman with slain Putin critic says she didn't see his killer
    Woman with slain Putin critic says she didn't see his killer

    MOSCOW (AP) — The 23-year-old Ukrainian model who was with slain opposition leader Boris Nemtsov tearfully recounted Monday their last dinner in a chic Red Square restaurant and their walk onto a nearby bridge — but said she did not see the gunman who pulled the trigger. …


Should Aquino be held accountable over the Mamasapano operations?

Poll Choice Options