A Future That Works

A Future That Works
NO2aTory/Liberal coalition - Vote with your feet for an alternative to a neo-liberal economy and neo-conservative state Yes2aLeftFront and a Red/Green Left Alliance

Tuesday, 12 July 2011

Monetarist economic policies fail to solve European escalating debt crisis

World stock markets fall as Italy struggled to avoid being sucked into the debt crisis. David Jones, chief market strategist at IG Index says ‘‘the banks are biggest fallers, because of concerns that the European crisis is spreading to Italy and Spain’’. The FTSE 100 index slumped by 133 points at one point in London, on the Bond Markets, the yield or interest rate on Italian 10 year bonds approached 6% the highest in at least a decade. Spanish yields hit 6.2%. Milan market fell by 4 per cent, with Fiat Industrial, Intesa SanPaolo Bank and Telecom Italia among the worst performers. Italy is the third largest nation in the single currency area and with a GDP about the same size as Britain. Greece, Ireland and Portugal, together account for just 6% of euro GDP whereas Italy represents about 16%.


  1. The escalating European debt crisis is threatening to scupper stock market listings by two Spanish savings banks seen as crucial to the overhaul of Spain’s banking system.


    ‘‘With the currency volatility and the debt-contagion risk in Europe, investors are gravitating toward something tangible like gold’’ (Adam Klopfenstein Lind-Waldock, Chicago)


    What next for the EU economic policy makers or more importantly how will this affect the lives of the people of the European Union’s member states?

  2. What should be the response from the European Left parties and labour movement?

  3. What we need is for a General Council of the ETUC and European broad left for a coordinated response. Maybe a European wide day of action when the labour movement marches in the capitals of each member state as a follow up to the TUC march for an alternative would provide a focus for a united front of the left and labour movement in each member state.

    This is a fight the broad left cannot afford to lose if we are to defend the concrete gains made by communist, socialist and social-democrat activists and parties in the 20th century. Let’s draw a line on thirty years of retreat and build a united left in Britain and across Europe that can defend the social-democratic welfare state and end the neo-liberal economic consensus, its time the broad left made a stand before it’s too late.

  4. There is a Left Alternative

    The European Left aim is to build a Left Alternative which gives a political perspective to all struggles against austerity measures and privatisations which are aimed at creating new markets and profits for the capitalists.



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