Greek Crisis: European political expediency will kill the Euro

The headlines are dramatic this weekend as the Greek crisis reaches its endgame, yet the real story is that the viability of the Euro currency is now in serious peril. Europe’s elite are destroying their own project for selfish ends.
Friday 19 June, 2015 was probably the day when the prevailing neo-liberal western order lost its allure and the European project along with it. Amid the chaos, the Euro, as it’s presently constituted, most likely reached the beginning of the end. All this after Frankfurt’s ECB effectively promoted a bank-run in a country it is bound to protect via its regulatory function.

Bizarre? Not really. The European elite – the Tweedledee and Tweedledum of center-left and center-right parties who now govern almost every state – simply cannot give in to Greece’s Syriza government. The reasons are existential. If they accede to Alexis Tsipras’ mandate, in most nations, they themselves will be replaced by non-mainstream parties. This is the reality and Eurocrats simply won’t countenance what they would perceive as a surrender to “extremist” politics.

There are two elections due shortly which prove this point. In Spain, the pro-Brussels government of Mariano Rajoy’s Popular Party is under severe pressure from the fledgling Podemos party, which has soared as high as 30 percent in opinion polls this year. The left-wing populists advocate an end to austerity and even Spain’s withdrawal from NATO.

Over in Ireland, the incumbent centrist Fine Gael-Labour coalition faces a serious threat from Sinn Fein. Incidentally, the latter has invited Syriza representatives to speak at its conferences . Sinn Fein echoes Podemos’ demands to smash austerity, while also pushing for the removal of Ulster from the United Kingdom and its unification with Dublin . So enthusiastic is Sinn Fein about this idea that it fought a 30-year war – via its military wing, the IRA – against the British state. That conflict ended little more than a decade ago.

Selfishness trumps fairness

The Irish and Spanish administrations – with self-preservation in mind – simply will not support any bailout for Greece that sees austerity loosened for Athens but not for Madrid or Dublin. In fact, the latter might even spook them despite the obvious benefits to their balance sheets. Naturally, Germany’s notoriously parsimonious Angela Merkel wholeheartedly agrees with their stance. Faced with an increasingly bolshy Die Linke bloc in Berlin, Merkel’s CDU also refuses to “surrender” to “populism.”

However, there is a problem here. The European elite fancy themselves as democrats. In fact, they rarely miss a chance to lecture developing countries on the continent’s fringe about the topic. Think Ukraine, Serbia or Hungary . Nevertheless, their current machinations are inherently anti-democratic. The fact is that Brussels is ignoring Greek voters who delivered Tsipras a mandate to reject further economic cuts.

Written by Bryan MacDonald – an Irish writer and commentator focusing on Russia and its hinterlands and international geo-politics. Follow him on Facebook
Full report at RT

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