Wednesday, 3 February 2010

IMF turns screws on southern Europe

CAPITALISM'S global enforcers, the IMF, are preparing to turn the screws on southern Europe.
And, as usual, it is the working people who will have to pay the price of the bankers' and speculators' failures and excesses.

The Spanish media is widely reporting warnings from IMF boss Olivier Blanchard (above) that Spain, Greece and Portugal will probably have to make 'major sacrifices' to restore their 'competitivity' including lower wages, presumably to 'compete' with the slave labour of the Third World.

Back in December we reported one expert's view that: "Southern Europe is being ordered to carry out IMF-style austerity, without the IMF-style devaluation required to rectify the massive imbalances that have built up between North and South under the euro."

Ambrose Evans-Pritchard, international business editor of the right-wing Daily Telegraph in London, warned that the neo-liberals were scared that a growing anarchist movement in southern Europe would thwart their economic plans.