# "EU/IMF Revolt: Greece, Iceland, Latvia May Lead the Way"



## onq (15 Dec 2009)

I was alerted recently by Ellen Brown to her recent article published by the Huffington Post:

http://www.huffingtonpost.com/ellen-brown/eu-imf-revolt-greece-icel_b_389409.html

I have written to this paper asking for permission to reprint the article in full.
In the absence of same I will restrict myself to a fair use sampling of one of the core comments.

As usual Ms. Brown brings a refreshing outlook to the economic burdens weighing down the world we live in; -
_
"In November, the Latvian government adopted its harshest budget of recent years, with cuts of nearly 11%. The government had already raised taxes, slashed public spending and government wages, and shut dozens of schools and hospitals. As a result, the national bank [broken link removed] a 17.5% decline in the economy this year, just when it needs a productive economy to get back on its feet. In Iceland, the economy [broken link removed]__ during the third quarter, the biggest fall on record. As in other countries squeezed by neo-liberal tourniquets on productivity, employment and output are being crippled, bringing these economies to their knees. _ 
_The cynical view is that that may have been the intent. Instead of helping post-Soviet nations develop self-reliant economies, writes Marshall Auerback, "the West has viewed them as economic oysters to be broken up to indebt them in order to extract interest charges and capital gains, leaving them empty shells."_


Empty shells.

Will that be Ireland's fate?

A casualty of a world held back in its development by the B.I.S. rate changes?

The B.I.S. need to be made answerable for what has happened and we ugently need to review optimal, not crisis-led, solutions.

Including an in-depth review of the consequences and benefits to Ireland of devising new financial instruments, stopping interest payments and if necessary defaulting on debts.



ONQ.


----------

