You know the establishment political parties of Europe have gone completely off the rails when the associate editor of the ultra conservative Financial Times of London says that the people of Europe have only one real choice when it comes to economic policy in the Eurozone – to vote for the radical left parties of SYRIZA in Greece, Podemos in Spain and Die Linke in Germany. Its the equivalent of Maggie Thatcher channeling Arthur Scargill and asking for posthumous membership of the National Union of Mineworkers.
Take it away Wolfgang Munchau, (Associate Editor, Financial Times)
Let us assume that you share the global consensus view on what the eurozone should do right now. Specifically, you want to see more public-sector investment and debt restructuring. Now ask yourself the following question: if you were a citizen of a eurozone country, which political party would you support for that to happen? You may be surprised to see that there is not much choice. In Germany, the only one that comes close to such an agenda is Die Linke, the former Communists. In Greece, it would be Syriza; and in Spain, it would be Podemos, which came out of nowhere and is now leading in the opinion polls.
You may not consider yourself a supporter of the radical left. But if you lived in the eurozone and supported those policies, that would be your only choice.
The tragedy of today’s eurozone is the sense of resignation with which the establishment parties of the centre-left and the centre-right are allowing Europe to drift into the economic equivalent of a nuclear winter. It is a particular tragedy that parties of the hard left are the only ones that support sensible policies such as debt restructuring. The rise of Podemos shows that there is a demand for alternative policy. Unless the established parties shift their position, they will leave a big opening to the likes of Podemos and Syriza.
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