Sotiris Kontogiannis

Eurozone crisis: can Greek workers defy the bankers?

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Greeks must accept austerity, it is often argued, because the alternative would be worse. Sotiris Kontogiannis argues for a workers' default against the bankers

The government and the media in Greece are conducting a scare campaign against the prospect of a default and exit from the eurozone. The measures imposed by the "troika" (the International Monetary Fund, the European Union and the European Central Bank) may be harsh, they say. Many people may suffer. But the alternatives are even worse. Without the assistance of the troika, Greece would default on its debts. The state would run out of money. Salaries and pensions would have to be suspended.

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