Marica Frangakis, Nicos Poulantzas Institute, Athens
07 October 2011
Every story needs a narrative, an explanation of why things happened the way they did. In such a narrative lie the answers of how to avoid/correct similar developments in the future and how to propagate positive ones.
European political leaders and the institutions of the European Union have reacted to the Euro crisis by creating conditional debt packages, in cooperation with the IMF (International Monetary Fund). Such “aid packages” typically prescribe severe austerity measures, similar to the structural adjustment programmes applied to many troubled developing countries, especially since the 1980s. The results have rarely been a success. 2
TNI and other civil society organisations, in an open letter, have denounced the European Comission's admission that it imposes water privatization conditionalities as part of its 'rescue' package to crisis countries.
A useful pocket guide on how a crisis made in Wall Street was made worse by EU policies, how it has enriched the 1% to the detriment of the 99%, and outlining some possible solutions that prioritise people and the environment above corporate profits.
Why are those responsible for the EU crisis profiting from it? Why are the same policies that caused the crisis being used to resolve it? An infographic expose of the EU crisis, its causes and its social impacts.
This working paper and infographic provide an overview of a great ‘fire sale’ of public services and national assets across Europe that is providing profits for a few transnational companies but is often fiercely opposed by its citizens.