Portside

The European Union is disintegrating – but leaving is not the answer.

Why is Europe disintegrating? And what can be done about it? What we should do now is what democrats should have done in 1930 to prevent a catastrophe that is now becoming imaginable once again. We should establish a pan-European coalition of radical, social, green, and liberal democrats to put the “demos” back into democracy.

Only a genuine social and democratic refounding of the eurozone, designed to encourage growth and employment, will be sufficient to counter the hateful nationalistic impulses that now threaten all Europe. We should put together a conference of eurozone nations on debt-just like those that were held in the postwar years, to the notable benefit of Germany. The objective would be to reduce public debt as a whole.

Whatever party ends on top in the Spanish election, it will have to form a coalition, thus ending the reign of the two-party system that has dominated the country since Franco. Late polls show the right-wing PP taking a beating, dropping from 44 percent that it won four years ago to 28%, but it will still win the largest number of votes of any one party. Followed by the Socialists, at 21%, the center-right Ciudadanos Party at 19%, and the left-wing Podemos Party at 15.7%

Ronan Burtenshaw is vice-chair of the Irish Congress of Trade Unions Youth Committee and coordinator of Ireland’s Greek Solidarity Committee. He warns it isn’t only Greece that is being forced to choose between staying in the European Union, with austerity, and leaving to face international capital alone. And that neither is a viable alternative. Europe’s Left must learn from Latin America and seek alternative political and economic unions for Europe.

Despite being forced to accept under duress the Troika's demands to agree to a punitive memorandum, Syriza was able to maintain the trust and respect of a vast electorate, especially working class and young voters. With that, the original vision of Syriza not only did not die, but the struggle for a just, democratic society goes on under the party's banner.

In upcoming votes for the European Union's most indebted countries, the left will have to battle both the forces of austerity and a resurgent xenophobic right. The backdrop for elections in Greece, Portugal, Spain, and Ireland is one of deep economic crisis originally ignited by the American financial collapse of 2007-08. The response of the EU is massive cutbacks in government spending, widespread layoffs, and double-digit tax hikes on consumers.

Across Europe, people are fed up with a monetary union that is inefficient because it is so profoundly undemocratic. This is why the battle for rescuing Greece has now turned into a battle for Europe’s integrity, soul, rationality and democracy by setting up a Pan-European political movement, inspired by the Athens Spring, that will work toward Europe’s democratization.

The EU's belt-tightening measures are cutting holes in Europe's social-safety net. Austerity as an economic strategy is more than just throwing a scare into countries that, exhausted by years of cutbacks and high unemployment, are thinking of changing course. It's laying the groundwork for the triumph of multinational corporate capitalism - undermining the social contract between labor and capital that's characterized much of Europe for the past two generations.

The Euro Summit statement (or Terms of Greece's Surrender - as it will go down in history) follows, annotated by yours truly. The original text is untouched with my notes confined to square brackets (and in red). Read and weep.