Greece Intends to Become A BRICS Member

After the Greeks say a loud “OXI” come July 5th, Greece might consider Putin’s offer for her to become the newest BRICS member on July 9th as the organization holds its annual meeting in Russia. When that happens, it will be the biggest slap to the European Cabalists as the once beacon of democracy officially pivots to the East.

It is to the Greeks’ advantage to refuse any Troika offer, even the latter’s approval of the Tsipras government’s latest version of the plan to cut pension funds and raise VAT collection should be ignored at this time because those measures are bound to fail within the next six months, and may only led to the leftist government’s fall, which is what the Troika is really aiming for all along.

When Greece becomes a BRICS member, the collective are bound to protect the country by any means necessary. This is, therefore, a very attractive option for the Greeks. It would be a shame to reject the opportunity.

Greece Open to Becoming BRICS Member – Defense Ministry / Sputnik International

11:13 30.06.2015(updated 11:53 30.06.2015)

ATHENS (Sputnik) – In May, Russia invited Greece to become an NDB member, with discussions on Athens’ membership in the bank expected to take place at the July 9-10 BRICS summit in the Russian city of Ufa.

“Greece has also been invited to become a BRICS member within the Development Bank of the BRICS. We are still open to that,” Isychos, who is also the co-chair of the Russian-Greek Intergovernmental Committee, said.

According to him, Greece has always been in favor of good European-Russian relations and of European-Eurasian relations. Athens is currently in talks over joining the BRICS bank with the group’s members.

“So we do have a multilateral foreign policy, both in the strict sense of foreign policy, but also in a broader sense of economic external policy,” Isychos added.

Five major developing economies — Brazil, Russia, India, China and South Africa — signed an agreement to establish the NDB at a July 2014 summit in Fortaleza, Brazil. BRICS member states agreed to establish a $100-billion liquidity reserve to ensure the bank’s financial stability.

The NDB is expected to become an alternative to Western-dominated financial institutions and will focus primarily on funding infrastructure projects.

Sputnik

Joseph Stiglitz: How I would vote in the Greek referendum

USA's Joseph Stiglitz, Nobel Prize winner for Economics, and President of the Commission on the Measurement of Economic Performance and Social Progress,  arrives at the Elysee Palace in Paris, France, Monday Sept. 14, 2009, for a meeting with France's President Nicolas Sarkozy and other members of the French government. (AP Photo/Philippe Wojazer,Pool)
USA’s Joseph Stiglitz, Nobel Prize winner for Economics, and President of the Commission on the Measurement of Economic Performance and Social Progress, arrives at the Elysee Palace in Paris, France, Monday Sept. 14, 2009, for a meeting with France’s President Nicolas Sarkozy and other members of the French government. (AP Photo/Philippe Wojazer,Pool)

The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

Of course, the economics behind the programme that the “troika” (the European Commission, the European Central Bank, and the International Monetary Fund) foisted on Greece five years ago has been abysmal, resulting in a 25% decline in the country’s GDP. I can think of no depression, ever, that has been so deliberate and had such catastrophic consequences: Greece’s rate of youth unemployment, for example, now exceeds 60%.

It is startling that the troika has refused to accept responsibility for any of this or admit how bad its forecasts and models have been. But what is even more surprising is that Europe’s leaders have not even learned. The troika is still demanding that Greece achieve a primary budget surplus (excluding interest payments) of 3.5% of GDP by 2018.

Economists around the world have condemned that target as punitive, because aiming for it will inevitably result in a deeper downturn. Indeed, even if Greece’s debt is restructured beyond anything imaginable, the country will remain in depression if voters there commit to the troika’s target in the snap referendum to be held this weekend.

In terms of transforming a large primary deficit into a surplus, few countries have accomplished anything like what the Greeks have achieved in the last five years. And, though the cost in terms of human suffering has been extremely high, the Greek government’s recent proposals went a long way toward meeting its creditors’ demands.

We should be clear: almost none of the huge amount of money loaned to Greece has actually gone there. It has gone to pay out private-sector creditors – including German and French banks. Greece has gotten but a pittance, but it has paid a high price to preserve these countries’ banking systems. The IMF and the other “official” creditors do not need the money that is being demanded. Under a business-as-usual scenario, the money received would most likely just be lent out again to Greece.

Alexis Tsipras, leader of the radical left main opposition party Syriza, greets supporters after a rally of the party in the northern Greek port city of Thessaloniki, January 2015.
Alexis Tsipras, leader of the radical left main opposition party Syriza, greets supporters after a rally of the party in the northern Greek port city of Thessaloniki, January 2015. Photograph: Sotiris Barbarousis/Sotiris Barbarousis/epa/Corbis

But, again, it’s not about the money. It’s about using “deadlines” to force Greece to knuckle under, and to accept the unacceptable – not only austerity measures, but other regressive and punitive policies.

But why would Europe do this? Why are European Union leaders resisting the referendum and refusing even to extend by a few days the June 30 deadline for Greece’s next payment to the IMF? Isn’t Europe all about democracy?

In January, Greece’s citizens voted for a government committed to ending austerity. If the government were simply fulfilling its campaign promises, it would already have rejected the proposal. But it wanted to give Greeks a chance to weigh in on this issue, so critical for their country’s future wellbeing.

That concern for popular legitimacy is incompatible with the politics of the eurozone, which was never a very democratic project. Most of its members’ governments did not seek their people’s approval to turn over their monetary sovereignty to the ECB. When Sweden’s did, Swedes said no. They understood that unemployment would rise if the country’s monetary policy were set by a central bank that focused single-mindedly on inflation (and also that there would be insufficient attention to financial stability). The economy would suffer, because the economic model underlying the eurozone was predicated on power relationships that disadvantaged workers.

And, sure enough, what we are seeing now, 16 years after the eurozone institutionalised those relationships, is the antithesis of democracy: many European leaders want to see the end of prime minister Alexis Tsipras’ leftist government. After all, it is extremely inconvenient to have in Greece a government that is so opposed to the types of policies that have done so much to increase inequality in so many advanced countries, and that is so committed to curbing the unbridled power of wealth. They seem to believe that they can eventually bring down the Greek government by bullying it into accepting an agreement that contravenes its mandate.

It is hard to advise Greeks how to vote on 5 July. Neither alternative – approval or rejection of the troika’s terms – will be easy, and both carry huge risks. A yes vote would mean depression almost without end. Perhaps a depleted country – one that has sold off all of its assets, and whose bright young people have emigrated – might finally get debt forgiveness; perhaps, having shrivelled into a middle-income economy, Greece might finally be able to get assistance from the World Bank. All of this might happen in the next decade, or perhaps in the decade after that.

By contrast, a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present.

I know how I would vote.

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. His most recent book, co-authored with Bruce Greenwald, is Creating a Learning Society: A New Approach to Growth, Development, and Social Progress.
Copyright: Project Syndicate, 2015.

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