theDrahos

Several days in advance of the Greek election of January 25th, EIR magazine wrote an elaboration of what should take place in Europe, if they hope to survive. Specifically, using the momentum created by the potentially revolutionary greek vote, to not only save Greece and the rest of the ‘PIIGS’ nations, but reorganize all of Europe’s debt, in a manner geared towards production and recovery.

We urge our readers to read the full article here, while including a preview below, provided with permission.

Convene a European Debt Conference for 2015

by Dean Andromidas and Paul Gallagher

A European-wide debt conference similar to the conference that led to the London Debt Agreement of 1953 that settled the foreign debts of Germany has been proposed by both the Greek Syriza Party and the Independent Greeks, and has been making headlines in the European media.
In an interview with Great Britain’s BBC4, the leader of Syriza, Alexis Tsipras, said,

Syriza proposes that such a conference would not only deal with the Greek debt but that of other countries that negotiated harsh austerity conditionalities with the “Troika” in order to bail out their bankrupt banks, including Ireland, Portugal, Cyprus, and Europe as a whole.

The Guardian reported Jan. 17 that Syriza’s proposal was being supported by one of Germany’s most prominent economists, Munich Institute for Economic Research head Hans-Werner Sinn, and by other economists in Italy and France.

The convening of such a conference is an excellent opportunity not only to settle the Greek debt crisis but to reorganize and reform the entire European financial system. The real issue is not the Greek debt, but bankruptcy reorganization of the entire Eurozone, and more broadly, the trans-Atlantic financial system. The crucial task is to restore national sovereignty to the nation-states of the Eurozone so as to re-establish a regime of national credit systems on Hamiltonian principles that would enable the European and North American nations to participate in the emerging world system of development being carried out by the BRICS and allied nations.

Read the full article here.