Some Solutions for the Eurozone Crisis

The complications in the Eurozone indicate that business-as-usual can not function anymore. The notion of creditor vs. debtor has to be massively rethought. What this means is debt cancellation, the nationalization of bank assets (who will likely see default in case of debt cancellation), and greater political coordination among European member states. The strong states like Germany may no longer play out the weak nations like Greece or Portugal against each other. This would mean an end to austerity policies that reduce wages of workers in order to ensure the socially blindsided orientation of banks and large corporations to usurp more in profits. Today, it still does not sound like a ‘realistic’ solution, whereby realistic under the current circumstances mean to muddle through the crisis, put out fires here and there, bailouts here and there, cut wages and safety nets here and there, raise taxes here and there, pray to the almighty God that this self-inflicted economic nightmare may find an end (which it will not based on the policy prescriptions I just enumerated).

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