Portside

As far as Yanis Varoufakis is concerned, the Greek election campaign will be 'sad and fruitless'. He tells Late Night Live why he won't be running and why he is instead putting his energy into political action on a European level.

Following the resignation August 20th of Greek Prime Minister Alex Tsipras and the announcement of snap parliamentary elections, 25 Syriza lawmakers who opposed the recent bailout deal formed a new Popular Unity Party and will challenge Tsipras and Syriza in September elections. Former Syriza Energy Minister Panagiotis Lafazanis will head the new party. With its 25 members, the Popular Unity Party becomes the third largest party in the Greek parliament.

Under adverse conditions and with a difficult balance of forces within Europe and the world, we tried to assert the point of view of a people and the possibility of an alternative path. Ultimately, even if the powerful were able to impose their will, what remains is the absolute confirmation on the international level that austerity is a dead end.

The recently published Roadmap for the Future of the Economic and Monetary Union, signed by five “presidents” — of the European Council, the European Commission, the European Parliament, the European Central Bank and the Eurogroup — it doesn’t contain much that’s strikingly new, but what it does do is systematise and confirm the abolition of national democracy.

Any country that would challenge neoliberalism inevitably will face the assorted weapons of international capital. The central question, then, is whether a government is “willing to mobilize its people on behalf of the policies that meet the needs of people.” And this was the question I posed about Syriza in 2013: “do the stances taken by the Syriza leadership foster or weaken the movements from below?

European bankers attack on Greece is like the Mitt Romney attack on 47 percent of the people. U.S. voters rejected those policies in 2012. Germany and Europe embrace what voters in our country rejected...The welfare consensus was initially adopted because capitalists were trying to stave off threats of socialist alternatives: providing for the poor, they reasoned, would prevent citizens from sympathizing with Marxists, Communists, and other left-leaning groups.

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Just as with the American subprime crisis, and the current plight of many American cities, Wall Street’s predatory lending played an important although little-recognized role. Undoubtedly, Greece suffers from years of corruption and tax avoidance by its wealthy. But Goldman wasn’t an innocent bystander: It padded its profits by leveraging Greece to the hilt—along with much of the rest of the global economy.

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.

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