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February revolution 1917
What lessons for today?

21/02/2017: 23 February 1917 (8 March in today’s calendar) marked the beginning of the socialist revolution in Russia, which sparked a revolutionary wave that would travel around the world.

  Russian Revolution

 Yemen
International protests in support of TOTAL/G4S workers

20/02/2017: Solidarity spreads for victims of wage robbery and killing by multinational corporations

  Solidarity, Yemen

Netherlands
Anti-immigrant Freedom Party leading polls ahead of general elections

18/02/2017: Only a choice between the “regular” and far-right?

  Netherlands

Britain
Council cuts can be fought - and they must be

16/02/2017: Corbyn needs to stand up to Brexit rebels

  Aceh

Spain
Pablo Iglesias wins clear victory in Podemos congress

15/02/2017: Time to build the class struggle on the streets

  Spain

US
A socialist strategy to defeat Trump

14/02/2017: Escalate the resistance toward shutdowns on March 8 and May 1!

  US

Scotland
Greens back SNP government austerity budget

13/02/2017: TUSC council elections candidates put forward 100% anti-austerity programme

  Scotland

India
Upheaval in Tamil Nadu

09/02/2017: Corruption, nepotism, and other crimes of ruling party exposed

  India

Britain
Universal basic income demand gains ground

08/02/2017: What approach should socialists take?

  Britain

Yemen
Workers protest at parliament against TOTAL and G4S

07/02/2017: Security workers demand wages and arrest of colleagues’ killers

  Yemen

CWI and Izquierda Revolucionaria – Towards unification

06/02/2017: Joint declaration of the CWI’s IEC and Izquierda Revolucionaria’s IEC

  Spain

France
After Sarkozy, Juppé and Valls, now Fillon is on the way out

06/02/2017: Space opening up to left of Socialist Party

  France

Romania
Biggest street protests since 1989

04/02/2017: What position should the left take?

  Romania

Syria
Is an end to the war in sight?

03/02/2017: New movements for change will need to arm themselves with the lessons of the Syrian tragedy

  Syria

Quebec
Terrorist Attack in Québec City

01/02/2017: Counter terrorism and hate with solidarity

  Quebec

 CWI
9th Latin American school a success

31/01/2017: Over 200 participate in Sao Paolo CWI continental gathering

  CWI

Sri Lanka
The year 2017

31/01/2017: Between oppression and struggle

  Sri Lanka

Canada
Where are Trudeau’s ‘Sunny Ways’?

31/01/2017: Battles of Indigenous peoples, youth, workers will test Liberal government

  Canada

US
Airport protests help block Trump travel ban

30/01/2017: Defend immigrant communities

  US

Russian Revolution Centenary
January 1917 - On the eve of revolution

29/01/2017: War, hunger, hated Tsarist regime: class tensions reach breaking point

  Russian Revolution

China
CWI member Hu Xufang forced to flee

28/01/2017: Xu and his family are victims of China’s deepening police crackdown

  China

Afghanistan
The limits of US power

28/01/2017: Imperialism’s 15-year adventure a bloody catastrophe for millions

  Afghanistan

US
Build 100 days of resistance to Trump’s agenda!

27/01/2017: Establishment deeply divided as mass resistance explodes

  US

Russia
Duma legislates to decriminalise domestic violence

26/01/2017: For unified struggle for women’s rights and against capitalism

  Russia

Tamil Nadu
Mass protests against state repression

26/01/2017: Support the right to assemble and protest - release those arrested immediately!

  India

Millions on women's marches around the world

25/01/2017: Reports from mass women's marches against Trump

  US

Bangladesh
Hartal protest against power plant

25/01/2017: Follows mass strike of garment workers in December

  Bangladesh

Côte d’Ivoire
Social revolts shake Ouattara regime

24/01/2017: Public sector strike and soldiers’ mutiny expose reality behind “economic growth”

  Ivory Coast

Taiwan
US foreign policy under Trump

24/01/2017: Island risks being pawn in his game

  Taiwan

US
CWI joins protests around the world against Trump

23/01/2017: Photo gallery selection of CWI actions during weekend of mass protests

  US

US
Kshama Sawant responds to Trump inauguration speech

23/01/2017: Socialist council member speaks

  US

China
New US President’s approach to China

21/01/2017: Outbursts raise fears of confrontation

  China

Russian Revolution Centenary
New site celebrates and defends October socialist revolution

20/01/2017: 1917revolution.org brings rich lessons of 100 years ago to wide audience

  History

Euro crisis

Greece heads for the exit

www.socialistworld.net, 26/05/2012
website of the committee for a workers' international, CWI

Eurozone convulsed by turbulent economic forces and political upheavals

Lynn Walsh, editor of Socialism Today, magazine of the Socialist Party (CWI England & Wales)

Ten governments have been overturned since 2008, with the rejection of austerity policies. There have been a continuous series of public-sector strikes, general strikes, protests and riots. Now, many eurozone leaders fear that the possible victory on 17 June of an anti-austerity, Syriza-led government in Greece could trigger the departure of Greece from the eurozone, with incalculable repercussions.

Even before the election, the run on the Greek banks, as depositors began to withdraw their cash or transfer it to other more stable eurozone countries, could trigger a separation. Currently, the Greek banking system is being propped up by €96 billion ‘emergency liquidity assistance’ from the Greek central bank, supported by the European Central Bank. But more than €75 billion has been taken out of Greek banks since December 2009. Moreover, eurozone leaders fear the danger of ‘contagion’, that there will be a similar flight of capital from Spanish, Italian, Portuguese banks, etc.

The taboo has been broken. Although eurozone leaders, including Germany’s Angela Merkel, proclaim that they regard Greece as a permanent member of the eurozone, there are active preparations for Greece’s departure. This was recently admitted by the European trade commissioner, Karel De Gucht: “Today there are, both within the European Central Bank and the European Commission, services that are working on emergency scenarios in case Greece doesn’t make it”. (International Herald Tribune, 19 May)

According to some reports, new drachma notes are already being printed. The multinational corporations are clearing their deposits out of Greek banks, and quite likely out of Spanish and other shaky banking systems. The euro stands on the edge of a death spiral, which could have devastating effects on the world capitalist economy. None of the capitalist leaders wants a chaotic disintegration of the eurozone, but none of them has any policies capable of resolving the crisis.

According to opinion polls, Syriza could emerge from the 17 June elections as the biggest party. Its leader, Alexis Tsipras, has rightly described Greece as a “social hell”, where the workers and large sections of the middle class have been subject to barbarous austerity measures. Tsipras has correctly rejected the austerity package of the Troika – European Central Bank, European Commission and International Monetary Fund – and repudiated the payment of unbearable debts, hugely inflated by Troika loans used to bail out the banks.

Repudiation of the Troika’s ‘rescue’ package, however, would lead to the expulsion of Greece from the eurozone. Under pressure from US president, Barack Obama, and the recently elected François Hollande in France, Merkel has softened her tone, conceding that Germany would consider some measures to boost growth. These have not been specified. But, at the same time, she has made it crystal clear that acceptance of the austerity package is the precondition of any further assistance. Yet in reality, such savage austerity measures rule out economic recovery.

What kind of Grexit?

EUROPE’S CAPITALIST LEADERS are struggling with a number of scenarios: New elections in Greece could (they hope) produce a pro-austerity government based on the right-wing New Democracy. This could result from the campaign by the leaders of New Democracy and the Panhellenic Socialist Movement (Pasok), together with eurozone leaders, to make the general election a referendum on Greece staying in the euro. Merkel even proposed a referendum in a phone conversation with the Greek president, Karolos Papoulias. While there is overwhelming rejection of the austerity measures, there is still a big majority (in the region of 80%) in favour of staying with the euro. This reflects fear of Greece, a small country, being isolated outside the eurozone, and slipping back to the backward economic conditions that prevailed before.

However, even if a new Greek government swallows the austerity measures, that would only provide temporary respite – because the debt loaded onto Greece is unsustainable, and the savage austerity measures will produce further mass movements against them. In any case, it is possible that Greece’s position within the eurozone could be undermined even before the elections by a massive run on the banks. The ECB will not be able to sustain the current level of support indefinitely. The collapse of major banks in Greece would make it impossible for Greece to stay in the eurozone.

Alternatively, Greece could be forced out of the eurozone in the near future. Some eurozone strategists are advocating a controlled exit from Greece, while others fear a chaotic separation.

A controlled exit would require an orderly transition from the euro to a new drachma, which would be exchanged at a lower value. This would still require massive Troika funding to support the Greek banks to prevent a collapse. In spite of further repudiation of its debts, the major eurozone economies would have to give support to Greece to prevent a meltdown of society.

Devastating chain reaction

GIVEN THE DISARRAY of eurozone leaders, however, it is perhaps more likely that there will be a completely chaotic exit of Greece, either as a result of a massive bank run or the election of an anti-austerity government. This would aggravate the European banking crisis. Many banks have already sold their Greek government bonds, which have been taken over by the ECB. But French and German banks would still be burned by a further default by Greece. This in turn would hit banks in Britain and other countries which have shareholdings in banks based in France, Spain, etc. There would be a chain reaction.

A major eurozone crisis, more intense than anything so far, would have a devastating effect on the European and global economy. Various estimates indicate that the eurozone GDP could fall by between 5% and 10%. This in turn would have a devastating impact on countries like Britain and also the United States, for which the eurozone is a major export market.

The unfolding of the eurozone crisis, moreover, is taking place against the background of continued stagnation in the world economy. There is a recession in the eurozone itself, with only very feeble growth in Germany, the biggest economy. The almost undetectable ‘recovery’ in the US is faltering. The recent huge losses by the investment bank JPMorgan Chase, which has lost up to $4 billion in speculative activity, shows the continued vulnerability of the finance sector, regardless of the eurozone crisis. Even the IPO (initial public offering) of Facebook, which was heralded as a great success for the hi-tech, consumer sector, proved to be a huge disappointment to investors, as its shares fell immediately after they were issued. Facebook indicates the fragility of the bubble economy that still continues.

The recent G8 summit in the United States, moreover, once again exposed the bankruptcy of capitalist leaders. Obama, supported by Hollande, called for policies to promote ‘growth and jobs’. But these were vague exhortations, with no concrete measures. Merkel made some verbal concessions to the idea of promoting growth, but made it clear that her primary concern is the implementation of austerity measures – outside Germany – despite the fact that they have ensured the prolongation of recession throughout most of Europe.

A trap for the working class

EXIT FROM THE eurozone will not provide a way out of crisis for Greek society. Repudiation of the debt would lift an immediate burden. Devaluation of a new national currency would boost exports. However, Greece is not in the same situation as Argentina in 2001: Argentina could rely on exports of food and other commodities, boosted by a devalued peso, against the backdrop of the pre-2008 world upswing. Greece does not have such raw materials, and also has very weak domestic industries. At the same time, Greece has been highly dependent on imports of fuel, food and consumer goods, which would become more expensive through devaluation of the Greek currency.

Moreover, the crisis in Argentina is a warning to the Greek working class. Most of the burden of the transition from the peso pegged to the US dollar to a devalued Argentine peso was thrown onto the working class and the middle class. Bank accounts were frozen and the value of peso deposits was drastically devalued. There was mass unemployment and a huge rise in absolute poverty. Only after several years of crisis did the Argentinean economy begin to recover, under more favourable global economic conditions than prevail at the present time.

There is no way out for the Greek working class within capitalism, either in the eurozone or outside. A national, ‘siege economy’ would be a trap for the working class. Any solution requires socialist economic measures under the democratic control of the working class.

If Greece leaves the eurozone, or is forced out, it is likely that other member states will follow. Spanish banks, for instance, are on the edge of insolvency. The Spanish government was recently forced to nationalise 40% of Bankia. Other banks in Italy, Portugal, Ireland, etc, are just as shaky. The €700 billion of Europe’s stability fund is not enough to stabilise the eurozone banking system.

Greece is not the cause of the eurozone crisis but one of its symptoms. But Greece may act as a detonator, triggering an explosion or perhaps a slower disintegration. This process is an expression of the organic crisis of the eurozone and the European Union itself.

Overcoming national limitations

THE CAPITALIST LEADERS who pushed for a common currency argued that it would consolidate the single market of the EU. The EU was intended to secure peace in Europe, stability and economic prosperity. The capitalist europhiles were under the illusion that they could overcome the national borders of capitalism, which ultimately act as a fetter on economic development. But everything has turned into its opposite.

Europe has sunk into economic stagnation and the common currency has accentuated the differences between the national economies rather than bringing about a convergence. Resentment at austerity policies has led to the growth of nationalist forces and far-right trends (one example being the growth in support for Golden Dawn in Greece). These developments confirm our view that the capitalist class cannot overcome its national limitations: that is a task for the working class, which can only be accomplished on socialist lines.

The Independent newspaper recently carried a front-page headline: ‘Capitalism at a Crossroads’ (19 May). It correctly sees the eurozone crisis as one aspect of a global crisis in the system. The crisis is reflected in the massive movements of the working class that have been taking place continuously throughout Europe and elsewhere. There is no doubt that many millions of workers reject capitalist austerity and are questioning the viability of the system. What is required is a clear alternative, a socialist planned economy, run under workers’ democracy, and with the international perspective of building a global planned economy.



Europe

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Che Guevara: Símbolo de Lucha

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A socialist world is possible, the history of the cwi with new introduction by Peter Planning green growth, a contribution to the debate on enviromental sustainability

NEWS

Yemen: International protests in support of TOTAL/G4S workers
20/02/2017, Socialistworld.net:
Solidarity spreads for victims of wage robbery and killing by multinational corporations

Netherlands: Anti-immigrant Freedom Party leading polls ahead of general elections
18/02/2017, Pieter Brans, Socialist Alternative (CWI in Netherlands), Amsterdam:
Only a choice between the “regular” and far-right?

Solidarity: French presidential candidate Mélenchon backs #JobstownNotGuilty campaign
17/02/2017, socialistworld.net :
Support the international solidarity campaign

Britain: Council cuts can be fought - and they must be
16/02/2017, Editorial comments from the Socialist, paper of the Socialist Party (CWI in England & Wales) :
Corbyn needs to stand up to Brexit rebels

Spain: Pablo Iglesias wins clear victory in Podemos congress
15/02/2017, Izquierda Revolucionaria, Spain:
Time to build the class struggle on the streets

US: A socialist strategy to defeat Trump
14/02/2017, Kshama Sawant, Seattle City Council Woman and member of Socialist Alternative :
Escalate the resistance toward shutdowns on March 8 and May 1!

Greece: Athens’ bus cleaners win bulk of wages owed
14/02/2017, Eleni Mitsou (Xekinima - CWI Greece) and Apostolis Cassimere’s (Board Member of OASA - Athens Bus Workers’ Union):
The struggle continues!

Scotland: Greens back SNP government austerity budget
13/02/2017, Matt Dobson, Socialist Paty Scotland (CWI), Glasgow:
TUSC council elections candidates put forward 100% anti-austerity programme

Yemen: Workers protest at parliament against TOTAL and G4S
07/02/2017, Socialistworld.net:
Security workers demand wages and arrest of colleagues’ killers

Romania: Biggest street protests since 1989
04/02/2017, Mâna de Lucru (CWI supporters in Romania):
What position should the left take?

Quebec: Terrorist Attack in Québec City
01/02/2017, Socialist Alternative (CWI in Canada) :
Counter terrorism and hate with solidarity

CWI: 9th Latin American school a success
31/01/2017, socialistworld.net:
Over 200 participate in Sao Paolo CWI continental gathering

US: Airport protests help block Trump travel ban
30/01/2017, Socialist Alternative reporters, US :
Defend immigrant communities

China: CWI member Hu Xufang forced to flee
28/01/2017, chinaworker.info reporters :
Xu and his family are victims of China’s deepening police crackdown

Russia: Duma legislates to decriminalise domestic violence
26/01/2017, From Socialist Alternative (Russian CWI) website (socialist.news) :
For unified struggle for women’s rights and against capitalism

Tamil Nadu: Mass protests against state repression
26/01/2017, Isai Priya, from Tamil Solidarity website :
Support the right to assemble and protest - release those arrested immediately!

Bangladesh: Hartal protest against power plant
25/01/2017, Pete Mason, Socialist Party (CWI in England and Wales) :
Follows mass strike of garment workers in December

Côte d’Ivoire: Social revolts shake Ouattara regime
24/01/2017, Militant Côte d’Ivoire (CWI group in Côte d’Ivoire) :
Public sector strike and soldiers’ mutiny expose reality behind “economic growth”

Taiwan: US foreign policy under Trump
24/01/2017, Vincent Kolo, chinaworker.info:
Island risks being pawn in his game

US: CWI joins protests around the world against Trump
23/01/2017, socialistworld.net :
Photo gallery selection of CWI actions during weekend of mass protests

US: Kshama Sawant responds to Trump inauguration speech
23/01/2017, socialistworld.net :
Socialist council member speaks

Russian Revolution Centenary: New site celebrates and defends October socialist revolution
20/01/2017, socialistworld.net :
1917revolution.org brings rich lessons of 100 years ago to wide audience

Kazakhstan: Regime increases repression
20/01/2017, Andrei Prigor from Campaign Kazakhstan:
Citizens forced to register with police at all times

US: Global resistance against Trump’s inauguration
20/01/2017, socialistworld.net :
CWI organizes protests as millions prepare to fight Trump’s agenda

Portugal: Purge in the Left Bloc
20/01/2017, Ysmail, Socialismo Revolucionário (CWI in Portugal):
6 CWI members expelled in undemocratic attack

India: Struggle against land grab in Pune
16/01/2017, Venkatesh Harale, New Socialist Alternative (CWI in India):
Socialists and villagers wage tireless battle

CWI Comment and Analysis

ANALYSIS

February revolution 1917: What lessons for today?
21/02/2017, Peter Taaffe, Socialist Party (CWI in England & Wales), printed in the Socialist (paper of the Socialist Party):
23 February 1917 (8 March in today’s calendar) marked the beginning of the socialist revolution in Russia, which sparked a revolutionary wave that would travel around the world.

India: Upheaval in Tamil Nadu
09/02/2017, Sajith Attepuram, New Socialist Alternative (NSA) (CWI India) :
Corruption, nepotism, and other crimes of ruling party exposed

Britain: Universal basic income demand gains ground
08/02/2017, Judy Beishon, from The Socialist (weekly newspaper of the Socialist Party – CWI England & Wales) :
What approach should socialists take?

CWI and Izquierda Revolucionaria – Towards unification
06/02/2017, Socialistworld.net :
Joint declaration of the CWI’s IEC and Izquierda Revolucionaria’s IEC

France: After Sarkozy, Juppé and Valls, now Fillon is on the way out
06/02/2017, Alex Rouillard, Gauche Révolutionnaire (CWI in France) :
Space opening up to left of Socialist Party

Syria: Is an end to the war in sight?
03/02/2017, Serge Jordan (CWI) :
New movements for change will need to arm themselves with the lessons of the Syrian tragedy

Sri Lanka: The year 2017
31/01/2017, Siritunga Jayasuriya, United Socialist Party (CWI in Sri Lanka) :
Between oppression and struggle

Canada: Where are Trudeau’s ‘Sunny Ways’?
31/01/2017, Tim Heffernan, Socialist Alternative (CWI Canada), Toronto

:
Battles of Indigenous peoples, youth, workers will test Liberal government

Russian Revolution Centenary: January 1917 - On the eve of revolution
29/01/2017, Niall Mulholland, from 1917revolution.org :
War, hunger, hated Tsarist regime: class tensions reach breaking point

Afghanistan: The limits of US power
28/01/2017, Judy Beishon, from Socialism Today (February 2017 issue), monthly magazine of the Socialist Party (CWI England & Wales)<br />
<br />
:
Imperialism’s 15-year adventure a bloody catastrophe for millions

US: Build 100 days of resistance to Trump’s agenda!
27/01/2017, Bryan Koulouris, Socialist Alternative, US :
Establishment deeply divided as mass resistance explodes

Millions on women's marches around the world
25/01/2017, Editorial from the Socialist, paper of the Socialist Party (CWI in England & Wales) and reports from US marches :
Reports from mass women's marches against Trump

China: New US President’s approach to China
21/01/2017, Vincent Kolo, chinaworker.info :
Outbursts raise fears of confrontation

Ireland North: Snap elections called to Stormont Assembly
17/01/2017, Daniel Waldron, Socialist Party (CWI Ireland), Belfast :
Build a socialist alternative to the ‘Orange’ versus ‘Green’ headcount

Spain: What kind of Podemos do workers and youth need?
17/01/2017, Izquierda Revolucionaria, Spanish state, editorial :
Debate within leadership touches on fundamental issues for future of party

US: Trump prepares vicious attacks
05/01/2017, Philip Locker and Tom Crean, Socialist Alternative (US):
Mass resistance needed!

Russian Revolution centenary
02/01/2017, Editorial from Socialism Today, Dec/Jan 2017 edition:
Defending the legacy in a new era

2017:Upheaval and fightback will continue
01/01/2017, Peter Taaffe, Socialist Party (CWI in England & Wales) general secretary :
Everything to play for in 2017

Britain's shifting political contours
22/12/2016, Hannah Sell, Socialist Party (CWI in England & Wales) from Socialism Today Dec/Jan 2017 edition :
Capitalist establishment in disarray

CWI International Executive Committee: European capitalism “battered by events”
16/12/2016, Kevin Henry, Socialist Party (CWI in Ireland) :
Report of discussion on Europe at CWI IEC meeting in November

CWI International Executive Committee: World shaken by seismic political events
14/12/2016, Kevin Parslow, Socialist Party (CWI in England & Wales):
Report of first session of the CWI International Executive Committee, discussing World Relations

World capitalism in deep crisis
08/12/2016, CWI :
Perspectives documents agreed by November CWI international meeting

Sudan: Three day nationwide strike shuts down the country, in unique defiance of Al-Bashir’s rule
30/11/2016, Serge Jordan, CWI:
Escalation of the struggle needed to overthrow repressive regime

US: Trump prepares attacks on working people,immigrants and women
27/11/2016, Tom Crean and Philip Locker, Socialist Alternative (USA):
We must prepare massive resistance!

Cuba: Fidel Castro, leader of 1959 revolution, dies at 90
26/11/2016, Tony Saunois, CWI :
Castro's life and the Cuban Revolution