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Vote ‘Yes’ to marriage equality!

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East-West toll road dispute concluded

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Parliament suspended after PM tells Socialist MPs “where to go”

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Organising against Tory austerity starts now

14/05/2015: Potential for industrial response to cuts but needs determined leadership and campaigning

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Joe Higgins TD questions former ECB president Jean Claude Trichet

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Presidential candidate declares "political revolution" against billionaires

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Fight against "five more damned years" of Tory rule

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“In a hard landing now”

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Labour annihilated

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With the votes of 24% of the electorate, Tories have no mandate for more savage cuts

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65,000 workers demonstrate against governments’ policies

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Fighting for better wages

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Socialist plan or capitalist chaos

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A new turn?

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Euro crisis

The latest temporary fix

www.socialistworld.net, 19/09/2012
website of the committee for a workers' international, CWI

The problems of the eurozone, rooted in the clash of national interests and the rivalries of capitalist leaders, remain as intractable as ever.

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

Mario Draghi’s announcement that the European Central Bank will embark on the unlimited buying of eurozone bonds to support debtor governments like Spain and Italy aroused a new wave of europhoria. There was also relief that Germany’s constitutional court rejected a move to block Germany’s participation in the European Stability Mechanism, the permanent bailout fund. In reality, however, the ECB’s intervention is another temporary fix that will, at best, buy some more time. The problems of the eurozone, rooted in the clash of national interests and the rivalries of capitalist leaders, remain as intractable as ever. Strikes in Greece with preparations for a 24-hour general strike on 24 September and massive demonstrations in Portugal and Spain (15 September), are some of the signs of a stormy autumn. LYNN WALSH reports.

MARIO DRAGHI HAS been hailed by eurozone leaders as ‘Super-Mario’, saviour of the eurozone. At the end of July, he promised that the ECB would “do whatever it takes to preserve the euro as a stable currency”. This implied that it would buy the bonds of floundering governments, particularly Spain and Italy, in order to reduce their borrowing costs. Spanish and Italian bonds had risen above 7%, to levels considered ‘unsustainable’. The high interest rates reflect a premium to cover ‘convertibility risk’, financial jargon for exit from the euro.

This article was first published in Socialism Today, no 162

It has taken Draghi several months to work out a package and overcome internal opposition within the ECB, particularly from the German representative, and win the support of chancellor Angela Merkel, who fears an electoral backlash within Germany. In the event, Draghi’s measures were approved by the ECB board with only Jens Weidmann, head of the Bundesbank, in opposition.

According to Draghi, the ECB is now committed to give “unlimited support” to governments like Spain and Italy which are finding it very difficult to raise loans on financial markets, except at punitive interest rates. In reality, however, the new measures are quite limited. The ECB will buy Spanish and Italian bonds on the secondary bond market (it is prohibited by its constitution from buying bonds directly from eurozone governments). Moreover, the ECB will buy only short-term bonds with maturities of three years or less. This means that governments will be on a short rein.

An even more onerous restriction is the ECB’s insistence that it will extend support only if the governments concerned apply for assistance to the troika – the ECB, European Commission and International Monetary Fund – which means that they will be subjected to inspection and bail-out conditions imposed by the troika.

The conditions will be “strict and effective”, according to Draghi. This may prove politically difficult for the governments concerned. In Spain, prime minister Mariano Rajoy previously gained support from the European Financial Stability Facility (EFSF) to stabilise Spanish banks, without accepting strict conditions (though this latitude is being challenged by some eurozone governments). At the moment, he is avoiding any suggestion that his government will apply to the European Stability Mechanism (ESM), designed to take over from the EFSF and now approved by the German constitutional court, for support on that basis.

Strict conditions will inevitably mean further austerity packages. Spain and Italy are already in recession (the whole eurozone is stagnant) and further austerity measures could push some of these economies into another deep slump – which would result in a slump in government revenues and an increase in deficits (despite spending cuts).

Protest in Spain, 15 September 2012

Draghi’s promise of ‘unlimited support’ for vulnerable governments rapidly resulted in a decline in bond rates. Spanish ten-year bonds, for instance, dropped from 7.6% to 5.7% (still much higher than the 1.5% that Germany pays on ten-year bonds). However, the ECB package is far from being a permanent solution. It is yet another temporary eurozone fix. The Financial Times describes the move as “an audacious gamble”, with no guarantee of success.

Draghi’s measures will operate in conjunction with the new permanent rescue agency, the ESM, which will have €500bn capital. (Most of the EFSF funds have been already used to bail out Greece, Portugal and Ireland, and to fund the recapitalisation of Spanish banks – it has only around €120bn left.) It will still be difficult, if not impossible, for the ECB to act as a ‘lender of last resort’, a fully-blown central bank comparable with the US Federal Reserve or the Bank of England. The ECB cannot assist to governments through buying their bonds directly. At the same time, the ESM will almost certainly be barred by the objections of the German constitutional court from borrowing money on the basis of its capital in order to support eurozone governments. Any ESM bail-out packages will, as with the EFSF, have to come from its own funds and be dispersed on the basis of more and more austerity.

German court ruling

GERMANY’S CONSTITUTIONAL court rejected (12 September) an application for an injunction to prevent the German government ratifying the ESM. This legal move was supported by around 37,000 petitioners and, according to opinion polls, backed by 53% of Germans. A legal veto on Germany’s support for the ESM would have detonated a major crisis for the eurozone, in spite of the recent moves by the ECB.

Judges of the German constitutional court

The constitutional court, however, made a very conditional ruling. It limits Germany’s participation in the ESM to the current €190bn (approximately a third share of the funding). The government is barred from making any further contributions without the support of both houses of parliament. The fine print of the ruling, moreover, raises questions about the future role of the ESM. It questions whether it would be constitutional for the German government to support the ESM raising loans on the basis of its €500bn capital in order to buy bonds directly from eurozone governments. The court warns against the German government undertaking any open-ended commitment to support debtor countries.

These legal caveats show that Merkel’s victory on this point is yet another temporary fix. The court refused a temporary injunction but will be considering the full case in the coming months. While it seems unlikely that it will completely veto the ESM, the constitutional court, on the basis of its interpretation of Germany’s basic law, may impose further restrictions – which could severely limit the role of the ESM. Many of the eurozone leaders, as well as sections of big business, are hoping that the ESM can, at least partially, play the role of a ‘lender of last resort’ – supplying capital to shaky governments on the basis of the mutualisation of their debts.

This idea, however, is bitterly opposed by some sections of Merkel’s own party, as well as by the right-wing, business press. They see it as an unwanted burden on German capitalism, and potentially a slippery slope to hyper-inflation. Faced with this opposition, Merkel has to move very cautiously, approving just enough intervention to avoid a collapse of the eurozone, but never acting decisively enough to resolve the fundamental problems. George Soros, a strong supporter of the euro, recently challenged Merkel: “lead” (that is, underwrite the fiscal integration of the eurozone), or “leave” (and let the others proceed). A German exit, however, would mean the end, or at least the beginning of the end, of the euro.

Convergence or divergence?

THE DEVELOPMENT OF the euro was intended to accelerate the convergence of the states making up the European Union, with a single market and a borderless financial system. Instead, the euro has become a vehicle of crisis, bringing divergence and disintegration rather than convergence.

When the euro was introduced, borrowing costs for eurozone members were more or less equalised. In 2009, the Greek government had to pay only about two percentage points more than the German government. The difference is now over 20 percentage points. Low-cost borrowing was at the root of many of the current problems. Cheap credit was used to fuel property booms in countries like Spain and Ireland, and in Greece allowed for a massive increase in public expenditure while the corrupt tax system failed to produce sufficient revenue to cover spending. This opened up a massive divergence between creditor countries (dominated by Germany, the most powerful eurozone state) and debtor countries.

During the boom before 2007-08, the banks were the most globalised sector of capitalism. Now they have retrenched behind national borders. For instance, there has been a sharp fall in cross-border lending in the interbank market (from 60% to 40% of total lending). This has created a severe credit squeeze which, in addition to austerity measures, is pushing most of the eurozone economies into recession.

Private capital flows have been replaced by cash from the ECB in one form or another. For instance, banks in Greece and other countries have been forced to go to their national central banks under the Emergency Liquidity Assistance (ELA) programme. Many are buying their government’s bonds to keep them afloat. Under the ELA, the national central banks are able to go to the ECB for loans. This is, in fact, a backdoor way of the ECB financing government borrowing. It is estimated that the Spanish banks have benefitted from €400bn loans from the ECB, while Italy has €360bn. The overall net flow of private and public funds from Germany to other eurozone countries, mainly in the south, is around €700bn.

Instead of speeding up unification of the eurozone, the actual operation of the euro has increased financial fragmentation, widened social and economic differences, and stimulated growing opposition to the EU and the eurozone. Merkel and other leaders of the creditor countries have stridently opposed the idea of massive financial transfers to the weaker, ‘peripheral’ countries. Yet transfers have actually taken place on a massive scale. Lombard Street Research estimates that cash supports for the budgets of Spain, Greece, Portugal and Italy will amount to at least €1.25 trillion during 2012-15, and could even be as high as €2.4 trillion.

In public, eurozone leaders proclaim that the EU will continue marching towards ‘ever closer union’. The euro is ‘irreversible’, and they will go to the end to defend it. But the continued economic crisis is fuelling popular opposition, inflaming nationalistic trends and strengthening separatist movements, as in Catalonia, for instance.

Barcelona, 11 September 2012

In June, at the EU summit meeting, eurozone leaders raised grandiose plans for advance towards greater unity (while, as usual, making very limited progress on the current crisis). However, moves towards greater unity, especially the establishment of a fiscal union which would have decisive control over the budgets of member governments, would require protracted negotiations, and approval by the majority of EU/eurozone governments. In some countries, it would require referendums to approve new treaties. Given the clash of national interests and the massive public opposition to further integration, this is a utopian project.

Immediately following Draghi’s announcement that the ECB was ready to buy ‘unlimited’ eurozone government bonds and the German constitutional court ruling, the EU Commission president, José Manuel Barroso, called for the EU to evolve into a “federation of nation states”. The problem of ‘sharing sovereignty’ between the national states, however, was highlighted by the reaction to Barroso’s announcement of plans for an EU banking union. This would mean the ECB assuming supervisory and regulatory powers over Europe’s 6,000 banks. Merkel responded by saying that Germany supports supervision only over major banks and would not accept the inclusion of small and medium banks. The British government, on the other hand, calls for all banks great and small to be included, but only those in the eurozone!

Spain’s deepening crisis

THE ECB’S OFFER of support poses a dilemma for Rajoy in Spain. The ECB will only support Spanish government bonds if the government applies for a rescue package – which would mean strict conditions, inspections by the troika or the IMF alone, and new austerity measures.

Since the landslide victory of the Popular Party, the government’s popularity has slumped. There has been a continuous wave of mass demonstrations and strikes against Rajoy’s €65bn package of cuts and new taxes. Moreover, Rajoy faces ever rising demands for increased autonomy from Spain’s semi-autonomous regions, particularly Catalonia. At the same time, they are demanding additional rescue packages from the central government (between €10-18bn). The strongest demand comes from Catalonia: there was a massive demonstration of up to two million on 11 September demanding ‘fiscal sovereignty’ as a step towards independence. The Catalan nationalist leaders want to form a new state within the EU, but the movement for separation will undoubtedly provoke a crisis for the Spanish ruling class.

Rajoy faces regional elections in Galicia and the Basque country, and may try to postpone any decision on ECB funding until after they are over. Meanwhile, the economy is sliding deeper into recession, with unemployment above 25%. In the first half of this year around €220bn flowed out of Spain’s banks, equivalent of about a fifth of GDP. Even with support for the banks from the EFSF funds (up to €100bn) the Spanish government may face a funding crisis in the next few months.

In fact, while support was agreed in principle, several eurozone governments (including Germany) are now raising objections. This support, they say, has to be part of the establishment of an EU banking union – but there is already a conflict over this. As so often in the eurozone, lifeboats launched with a fanfare of trumpets run aground even before they can leave the harbour.

In Portugal, meanwhile, hundreds of thousands of demonstrators took to the streets (15 September) in the country’s biggest ever anti-austerity protest. This upsurge of activity was triggered by a move to increase workers’ social security contributions – while cutting the bosses’ by the same amount.

Hundreds of thousands took to the streets in Portugal, 15 September 2012

Preparing for a Greek exit

MERKEL HAS RECENTLY launched a ‘charm offensive’ in an effort to repair relations with Greece, sending one of her junior ministers, Hans-Joachim Fuchtel, as an emissary. His message was that the German government empathised with the plight of the Greek people. Moreover, the Greek prime minister, Antonis Samaras, was invited to Berlin, where Merkel proclaimed that she wanted Greece to stay in the euro: “We will do what it takes to solve the problem in Greece”. At the same time, however, the parliamentary leader of Merkel’s party, the CDU, Volker Kauder, proclaimed that a Greek exit “would not be a problem for the euro” because sufficient measures were in place to prevent contagion spreading to other weak economies in the eurozone. (International Herald Tribune, 25 August) Moreover, there is no relaxation of Germany’s demand for further, savage austerity measures (currently, the troika are demanding another €13.5bn of cuts as the price for the €173bn bail-out package).

In any case, the Greek people are hardly fooled by German government propaganda. When Fuchtel landed in Greece he was confronted with posters reading: ‘Fuchtel, you’re not wanted – No subjugation’. A passer-by commented: “I don’t see how this is different from the Nazi occupation and the lackey Greek government”. (International Herald Tribune, 10 September)

While Merkel proclaims that Greece will stay in the euro, big-business leaders are not convinced. Many companies are drawing up detailed contingency plans to deal with the possible exit. “Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so that clients can continue to pay local employees and suppliers in the event that money is unobtainable”. (Nelson Schwartz, Planning For Greece’s Euro Exit, Just In Case, International Herald Tribune, 4 September) Some companies have reprogrammed their computers so that they will be ready to handle a new Greek currency. JP Morgan Chase “has already created new accounts for a handful of corporate giants that are reserved for a new drachma in Greece, or whatever currency might succeed the euro in other countries”.

Transnational companies and their advisers are trying to work out what to do in the event of a prolonged bank holiday (during which the banks could be shut for some time) and in the event of capital controls which limited the movement of cash in and out of the country. An executive of Bank of America Merrill Lynch said: “Now… contingency planning is focussed on three primary scenarios – a single-country exit, a multi-country exit and a breakup of the eurozone in its entirety”. The same article also reports that central banks, as well as the German finance ministry, have been planning for the possibility of a Greek exit, but under conditions of complete secrecy.

Even without further general strikes, mass demonstrations and other forms of mass protest, the troika’s neo-liberal programme for Greece would not work. Austerity measures have already provoked a deep slump in the economy, and yet more savage measures will accelerate the disintegration of Greek society. The level of debt repayment being forced on the country will prove unsustainable. In reality, the resistance of the Greek working class will continue. While the coalition government’s leaders were drawing up yet another (€11.5bn) cuts package (11 September), there was a public-sector strike involving teachers, hospital doctors, and local government workers, and there are plans for a 24-hour general strike on 24 September.

A Greek exit is inevitable, only the timing is in doubt. Moreover, although accounting for only about 2% of eurozone GDP, the departure of Greece would almost certainly trigger a wider fragmentation of the eurozone. The financier George Soros recognises that the eurozone crisis is endangering the EU (and, we can say, the whole world economy): “If [the euro] falls apart, Europe will be worse off than before it started”. (Financial Times, 10 September)



Europe

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Pakistan: Jawad Ahmad speaking at May Day rally held by International Youth and Workers Movement, 18/05/2015

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NEWS

New Zealand: Victory over zero-contract hours
24/05/2015, Joe Kelly, CWI NZ/Aotearoa:
‘Cotton On’ clothes retailer workers defeat attempt to remove rest and meal breaks

Britain: Labour leadership contest - appealing to big business
22/05/2015, Sarah Sachs-Eldridge, Socialist Party (CWI in England & Wales):
The Labour leadership contest begs the question: what is the point of the Labour Party?

Britain: Build a movement to defeat Tories’ cuts savagery
20/05/2015, Editorial from The Socialist, weekly paper of the Socialist Party (CWI England & Wales):
For massive union demonstrations, linked to a 24-hour general strike

Ireland South: Vote ‘Yes’ to marriage equality!
19/05/2015, From the Socialist Party (CWI Ireland) website:
Referendum a product of long-waged campaign of struggle from below

Greece: Subordination to Troika or rupture with austerity?
18/05/2015, Editorial from Xekinima (no. 410, 6-20 May 2015), fortnightly newspaper of CWI Greece:
The choices before the Greek working class

Pakistan: Jawad Ahmad speaking at May Day rally held by International Youth and Workers Movement
18/05/2015, Socialistworld.net:
Video of May Day Rally and concert in Lahore

North Cyprus: ‘Moderate leftist’ wins presidential election on peace ticket
16/05/2015, Athina Kariati, New Internationalist Left (CWI in Cyprus):
Workers’ common front, north and south, can find solution to island’s division

Chile: Huge demonstrations call for free education
15/05/2015, Patricio Guzman, Socialismo Revolcuionario (CWI in Chile):
New chapter opens in country’s political and ‘moral’ crisis

Australia: East-West toll road dispute concluded
15/05/2015, Socialist Party (CWI Australia) Reporters:
Local community direct action secures victory

Ireland: Parliament suspended after PM tells Socialist MPs “where to go”
14/05/2015, Socialistworld.net:
Contemptuous remarks reflect government concerns over non-payment of water charges

Britain: Organising against Tory austerity starts now
14/05/2015, John McInally, Public and Commercial Services Union national Vice-President (personal capacity), from the Socialist Party (CWI England & Wales) website:
Potential for industrial response to cuts but needs determined leadership and campaigning

Video: Joe Higgins TD questions former ECB president Jean Claude Trichet
13/05/2015, Socialistworld.net:
"When bankers and bondholders’ gambles crashed, their massive burden of private debt was placed onto the shoulders of the Irish people"

Sudan: Mass apathy towards elections
12/05/2015, Sudanese CWI supporter:
Renewed struggle from below needed to put an end to Bashir’s rule

Scotland: Labour annihilated
11/05/2015, :
SNP sweeps to victory by posing as an anti-austerity alternative

Britain: With the votes of 24% of the electorate, Tories have no mandate for more savage cuts
11/05/2015, Socialist Party (CWI in England & Wales):
Labour’s failure puts centre stage the need for new mass anti-austerity force

Poland: 65,000 workers demonstrate against governments’ policies
07/05/2015, Alternatywa Socjalistyczna (CWI Poland) Reporters:
Plan of action for a general strike needed

Britain: Russell Brand mistaken to sow illusions in Labour
06/05/2015, Sarah Sachs-Eldridge, Socialist Party (CWI in England & Wales):
Russell Brand calls on people to elect a Labour government, saying Ed Miliband will ’listen’ and wants pressure from below

May Day 2015: International workers’ day marked by marches and rallies
05/05/2015, Socialistworld.net:
Photo gallery of the CWI taking part in May Day event across the world

Iceland: Fighting for better wages
05/05/2015, Per-Åke Westerlund, Rättvisepartiet Socialisterna (CWI Sweden):
General strike called for 26 May

US: Rage in Baltimore
29/04/2015, Eljeer Hawkins, Socialist Alternative, New York:
The aftermath of Freddie Gray’s death

Book review: ’No place to hide: Edward Snowden, the NSA and the US Surveillance state’
29/04/2015, Reviewed by Tony Saunois, CWI:
What the 1% will do to defend their class interests

Kazakhstan: Presidential ‘election’ - Nazarbayev’s overwhelming victory no surprise
28/04/2015, Elizabeth Clarke, CWI:
Workers need to build mass opposition

Ireland North: Health Minister forced to resign after making homophobic remarks
27/04/2015, Daniel Waldron, Socialist Party (CWI Ireland):
LGBT and women’s rights campaigners boosted

Italy: Migrant disasters - the human cost of budget cuts
27/04/2015, From web-site of ControCorrente (CWI in Italy):
From Mare Nostrum to Triton

Finland: Worst ever election result for traditional Left
24/04/2015, Jonas Brännberg and Juha Tapio for CWI in Finland:
Finns Party second biggest in parliament

Scotland: Labour face annihilation as millions seek an answer to austerity
23/04/2015, Philip Stott, Socialist Party Scotland (CWI in Scotland):
The SNP, according to the polls, will win 53 of Scotland’s 59 Westminster MPs

CWI Comment and Analysis

ANALYSIS

Iraq/Syria: ISIS rout national armies at Ramadi and Palmyra
23/05/2015, Niall Mulholland, CWI:
United working class movement needed to sweep away sectarian militias and reactionary politicians

Ireland North: Election marks growing rejection of sectarian status quo
21/05/2015, Daniel Waldron and Kevin Henry, Socialist Party (CWI Ireland), Belfast:
Opportunities to build new anti-sectarian political voice for working class and youth

Spain: Is Podemos in crisis?
20/05/2015, Danny Byrne, CWI:
Left and social movements in a state of flux, as key elections loom

USA: Presidential candidate declares "political revolution" against billionaires
12/05/2015, Philip Locker, Socialist Alternative, Seattle:
Campaign needs to build independent political power

Britain: Fight against "five more damned years" of Tory rule
12/05/2015, Peter Taaffe, Socialist Party )CWI England & Wales) General Secretary:
Labour leader’s ’responsible capitalism’ shows its bankruptcy

China: “In a hard landing now”
11/05/2015, Dikang, chinaworker.info:
Stock market frenzy and fabricated GDP figures cannot hide the reality of an economy in deep trouble

Ireland North: Socialist Party replies to leading Sinn Fein councillor’s attacks
06/05/2015, Socialist Party (CWI Ireland) Statement:
How to fight cuts, sectarianism and to build workers’ unity

May Day 2015: Socialist plan or capitalist chaos
01/05/2015, Peter Taaffe, Socialist Party General Secretary, (CWI England & Wales):
What sort of new society are we struggling for?

Nepal: Disaster in Nepal –amplified by capitalism
30/04/2015, TU Senan, CWI:
Nepal, one of the poorest countries in the south Asian region has been further devastated by the recent earthquake.

May Day 2015: Resisting austerity, exploitation, wars and oppression
28/04/2015, CWI:
125 years since first May Day – Build a united workers’ movement for socialism!

Latin America: A new turn?
25/04/2015, Tony Saunois, article from May issue of Socialism Today, magazine of the Socialist Party (CWI in England & Wales):
Historic handshake between Barack Obama and Raúl Castro, turmoil in Venezuela, and stalled reforms in Bolivia – as well as crises in Brazil – symbolise a new turn in Latin America and the Caribbean

Iran: Proposed nuclear deal reflects transformed Middle East
24/04/2015, Robert Bechert, CWI:
In aftermath of disastrous Iraq occupation, Obama administration balancing between region’s forces

Tunisia: After the Bardo terrorist attack
18/04/2015, Serge Jordan:
New class battles loom

Yemen: Brutal onslaught on country’s poor
15/04/2015, Judy Beishon, from The Socialist (weekly paper of the CWI England & Wales):
For unity of workers and poor against imperialism and sectarianism

Economy: What low oil prices cost the world economy
03/04/2015, Lynn Walsh, article from Socialism Today, magazine of the Socialist Party (CWI in England & Wales):
The sudden plunge of oil and gas prices has underlined the volatility in the world capitalist economy

Israel: Netanyahu mobilises far right to win election
25/03/2015, Yasha Marmer, Socialist Struggle Movement, Israel-Palestine:
New coalition will face unresolved crises and bitter struggles

Italy: The instability of domestic capitalism
24/03/2015, Marco Veruggio, ControCorrente (CWI Italy):
Political vacuum pushes FIOM to take initiative

Greece: Varoufakis’ “erratic Marxism” is not the answer
23/03/2015, Peter Taaffe, from Socialism Today (monthly magazine of the Socialist Party, England & Wales):
Necessary to clarify ideas upon which successful struggles of European working class will be conducted

Belgium: No agreement reached between unions and government over austerity
20/03/2015, Eric Byl, LSP/PSL (Belgian section of the CWI), Brussels:
New action plan against right wing government takes off

Ukraine: Conflict unresolved after ’Minsk-2’ agreement
18/03/2015, Rob Jones, CWI, Moscow:
Only independent working-class mass movement can remove the region’s authoritarian rulers

Greece: Syriza’s first months in power
07/03/2015, Andreas Payiatsos, from Xekinima (newspaper of the CWI Greece):
The working class and social movements must enter the struggle for their rights

Quebec: Towards a hot spring
02/03/2015, Deirdre and Bruno, Socialist Alternative (CWI Quebec):
Disrupt them like they disrupt us!

Greece showdown
26/02/2015, Article to be published in the March issue of Socialism Today (magazine of the Socialist Party, CWI in England and Wales):
Niall Mulholland interviewed NICOS ANASTASIADES, of Xekinima (CWI Greece), just as Syriza leaders agreed a four-month bail-out extension with the EU.

Libya: War-torn country becoming new hub for IS activities
25/02/2015, Serge Jordan (CWI):
Libyan people bearing the brunt of NATO’s fiasco

Europe: Eurozone time-bomb
25/02/2015, Lynn Walsh, article from Socialism Today (magazine of the Socialist Party of England and Wales):
Mired in recession, the eurozone is haunted by the spectre of stagnation