Greece: No Vote is a Democratic Assertion on Economic Policymaking
664 views · Published 11 July 2015 · 10:16 · Indexed 22 October 2026
Channel: NewsClickin · 2015 · News & Politics
Newsclick interviewed well-known economist, Professor Prabhat Patnaik, on the Greek crisis and the recent 'No vote'. According to Prabhat, this is the first time we have had a referendum essentially on an economic issue. Till now, finance capita has managed to confine economic policy to a narrow technocratic exercise and imposed various measures that are against the interests of people. The World Bank and IMF execute such neo-liberal policies through the finance ministries of countries and these policies continue irrespective of who wins the elections. The Greek referendum marks a break, bringing economic policymaking back into popular discourse. Prabhat says there is a fallacy in the viewpoint propagated by dominant media, "there is something wrong with Greeks: they are profligate, they are lazy", etc. The fight between the troika -- EU, ECB, IMF -- and the Greece government, is a reflection of the larger struggle between people and bloody finance that is taking place around the world. He points out the unforgiving role of German and France in the current crisis and argues that Greece should explore other options such as China and other countries, which have substantial surplus and not rely solely on US and Eurozone.
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