This article is full of charged words suffused with the preferred pro-banks, Western narrative:
"The EU’s biggest mistake to date has been its too rapid expansion to encompass nations that were not ready for membership or association. Greece, Cyprus, Bulgaria and Romania were prime examples. Greece used Goldman Sachs to cook its books to meet EU minimum membership requirements. So, apparently, did Italy."
Note how blame is placed on Greece, as a whole, for the “cooking of its books.” No mention is made that elites made deals with banks that profited the banks by stealing from The People: Classic Shock Doctrine stuff coached in the "one size fits all," The-people-are-interchangeable-with-its-elite narrative frame.
"Because Greece makes little and exports even less, its people have been living on borrowed money and not paying taxes."
Isn’t this the right wing framing of U.S. families on welfare or food stamps? It's classic "blame the victim." Very Calvinist: "You did not meet the imposed rules so you will be punished" style.
"This weekend, Greeks will apparently vote on whether to remain in the EU under draconian conditions of austerity and restraint – realistic economics – or quit the EU and return to the old days of the ever-wobbly drachma, a notorious Mediterranean funny money worthy of Zorba the Greek."
So austerity—in the form of diminished pensions, no jobs for young persons, and major losses to working people is “realistic,” and the alternative is that not-stable, “wobbly drachma.”
Why would C.D. publish this right wing pabulum?
"Unfortunately, Greece’s current far-left government appears to be ready to commit Hellenic hara-kiri rather than end or curtail cherished socialist programs and start seriously collecting taxes."
Note the knock to the “far-left” and the use of the term Hari-Kari… a slick way of saying, “Obey the West (via the Central European bankers) or die!
"A European-wide bank crisis is unlikely since most of Greece’s zillions in debts are now owed to amply-funded EU institutions rather than individual banks."
Yeah…how about all those “zillions.” Bet Mr. Margolis thought that the U.S. taxpayers' bank bailouts to the tune of many trillions "saved the economy."
Margolis’ substantial lack of empathy shows in this brutal statement:
“In fact, some observers, this writer included, believe the EU would be better off without the bleeding wound of Greece.”
By all means! Cut off that wound!
How in keeping with the austerity of the Shock Doctrine. Make them pay!!!
"Greece needs a financial and social revolution to clean out its Augean stables of corruption, peculation and malfeasance. They must be made to pay taxes – at bayonet point if necessary."
This is a pathetic paean to Disaster Capitalism. Not C.D.’s finest choice, and hardly Mr. Margolis’ finest. Yuck