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The Crisis in Greece with James Galbraith

Upstream

Upstream

Politics, News, Society & Culture

4.92.1K Ratings

🗓️ 30 September 2016

⏱️ 37 minutes

🧾️ Download transcript

Summary

James K. Galbraith is an advisor to former Greek Finance Minister Yanis Varoufakis. He is also a founding member of DiEM25, an economist who writes often for the popular press, and a professor at the University of Texas at Austin. We spoke about the Greek debt crisis, inequality, and U.S. politics.

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Transcript

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0:00.0

That's interesting to hear. I have not been back to Greece since the day after Janis Verifacis resigned as finance minister.

0:08.0

During the time that I was there, it was clear that the support for the government's negotiating position and for a generally

0:18.5

tough response to the creditors was extraordinarily strong and remained so surprisingly to many people in the government

0:25.3

for a long time now all the way through the negotiating period and was still strong

0:29.4

up obviously at the end when the 61 1⁄5% have voted no in the referendum.

0:34.3

So I'm not surprised to learn that there are ongoing measures of resistance and I imagine

0:42.2

both active and passive on the part of the actual administrators

0:46.9

who must be reluctant to see economic entities under their jurisdictions being destroyed and dismantled.

0:54.0

Also one hears about the farmers who have been obviously caught in a squeeze between

0:58.0

the reduction of subsidies and the increase of taxes and their mortgage payments,

1:02.0

taking their equipment out onto the roads and blocking the highways.

1:05.8

That kind of thing, is all perfectly, in my view, understandable.

1:09.5

So the question of whether this will bear in any decisive way on the political situation or the relationship with the creditors.

1:18.2

It's an open question at this point, the problematic because unlike the situation before January 2015,

1:27.8

there isn't really a distinct political alternative for the Greeks, the party that they thought embodied that alternative has turned into the colonial administration.

1:37.0

It leaves them with very few options from a political standpoint.

1:41.0

Well, in that case, it's not surprising

1:43.2

that what you saw is what you saw

1:45.2

that people are taking such steps as they can take

1:48.6

with the means at their disposal.

1:52.0

And some people that we spoke with as well said,

1:55.0

it is possible that Cyprus is kind of now become this colonial government

...

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