Thursday, 29 April 2010

"A debt crisis in Spain would be a Lehmann-scale event"

Paul Mason, economics editor of BBC2's Newsnight, began his report by echoing Marx: "A spectre is haunting Europe". He went on to warn us of the potential for the current, increasingly severe, crisis in Greece to quickly become contagious. He interviewed economist Graham Turner, who noted the threat now facing Spain.

Mason went on to mention that Spain is five times the scale of the Greek economy and said "A debt crisis in Spain would be a Lehmann-scale event". Events have moved fast in the last couple of days and the danger of 'contagion' is suddenly all too real and urgent.

James Meadway's swiftly penned an illuminating analysis of the Greek situation, which I recommend. As well as analysis we need action. Working class people in Greece are striking and protesting. It's possible to show solidarity: in a hopeful sign, in terms of international co-ordination, anti-capitalist networks have called a Europe-wide day of action for next Wednesday.

There will be a demonstration expressing solidarity with protestors in Greece at London's Greek Embassy. See the Facebook group for updates on solidarity action.

Call from European Social Forum members for Europe wide protest outside Greek Embassies on Wednesday 5th May in support of the General Strike in Greece.
London protest 1pm
Greek Embassy 1A Holland Park, London W11 3TP

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