European left attacks credit rating vultures

Socialists in the European Parliament slammed Standard & Poor’s further downgrading of the Greek economy to its lowest credit rating in advance of an emergency meeting of European Union finance ministers.

by Kate Holman
Monday, June 20th, 2011

“These actions are simply irresponsible, if not outright sinister”, declared the Socialists & Democrats group leader, Martin Schulz.  “Once again, as key decisions need to be taken, the vultures are gathering. It is absurd that those who share responsibility for the crisis are now deciding the future of Greece.”

In Brussels, eurozone ministers failed to agree a new strategy to save Greece from default and will resume negotiations before the next European Council meeting.

In Athens, workers called a general strike on Wednesday and a blockade of parliament in a bid to prevent approval of the government’s latest austerity plan.

Meanwhile, trade unions across Europe are stepping up their campaign for a radical change in EU economic policy, to safeguard public spending and introduce a Robin Hood tax on financial transactions. The European Trade Union Confederation has called on members to demonstrate in Luxembourg on June 21, and attacked moves by the European Commission to restrict wage bargaining.

“The independence of the social partners must be secured, particularly as regards wages and their negotiating framework,” said ETUC general secretary Bernadette Ségol.

The ETUC is also supporting a global day of action for a financial transactions tax on June 22 as part of a campaign backed by a wide range of social and environmental NGOs targeting the G20 summit in November. Members of national and regional governments are being urged to sign up to a declaration which calls on  “willing states” in the EU to make the first move to introduce an FTT.

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About The Author

Kate Holman writes for Tribune on European affairs
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