Euro-zone Summit: Green Party calls for sustainable economics that puts society, democracy and jobs first.
09 December 2011
The Green Party has dismissed current solutions to the Euro-zone crisis as short-sighted, economically unsustainable and tantamount to an attack on European democracy.
Current solutions to the sovereign debt crisis all amount to the same thing: the poorest paying the bill.
Two solutions are currently being discussed; first, a €2trillion fund to bail out indebted countries so that they can pay their debts to banks; second, a multi billion euro project to recapitalise the banks so that indebted countries can be allowed to default without bankrupting banks.
The first solution asks European tax payers to underwrite a €2trillion fund. The second asks Europeans tax payers to underwrite banks. Essentially they are the same regressive solution, which hits the poorest hardest and does nothing to resolve a systemic crisis.
The current solution does nothing to prevent future unsustainable debt and subsequent future crisis. Instead, it undermines democracy by putting the survival of banks before the interests of society.