The First Domino Falls in Greece

by Shamus Cooke

Greece’s situation is not an isolated event, but a bellwether for the industrial world and beyond. The fallout from the 2008 global crisis hasn't reached bottom yet, and the depths will be dug deeper as the Euro crisis spreads — political crisis will create economic crisis and vice versa, as periods of calm and stability are replaced by international turmoil and panic.

The media and politicians have portrayed the Greeks as indolent and stupid, refusing to swallow the economic medicine needed for a healthy recovery. But the austerity medicine of the bankers — slashing and privatizing the public sector, cutting wages and benefits, mass layoffs, etc. — is a cure that threatens to kill.