“Internal revaluation” in Greece

Posted: 30 May 2012 in Uncategorized
Tags: , , , , ,

The economic program proposed for Greece by mainstream politicians and economists is internal devaluation, that is, an austerity plan to make the country “more competitive.”

We now have a translation (from the Greek via Italian into English) of the alternative program being proposed by Syriza [ht: ijsi], the Coalition of the Radical Left. Let’s call it a plan for “internal revaluation.”

The 40 points of the program run from a renegotiation of the debt through tax increases and nationalization of some enterprises (banks and public utilities) to demilitarization and the restoration and extension of protections for labor.

Syriza’s program for internal revaluation is not really all that radical—except when compared to what passes for mainstream economic policy in the midst of the Second Great Depression in Europe and the United States.

Update

Here’s a link to an interview with Yiannis Milios, one of Syriza’s top economic advisers, on BBC’s Hardtalk.

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