Capitalism against democracy

This video is called Lethal Medicine: ‘Greece testing ground for EU austerity hell‘.

By Peter Schwarz in Germany:

EU summit adopts Fiscal Pact for European-wide austerity

3 March 2012

On Friday, the European Union heads of government signed the so-called “Fiscal Pact” at a summit meeting in Brussels.

The agreement commits EU members to maintain strict fiscal discipline. They are required to adopt a constitutional debt limit along the lines of the German “debt brake.” If they exceed the specified budget deficit ceiling of 3 percent of gross domestic product they can be sued by the European Court, triggering an automatic procedure for imposing penalties. Countries that do not sign up to the pact will be ineligible for assistance from the European Stability Mechanism (ESM), the permanent European rescue fund, presently set at €500 billion, which is slated to come online in July.

The Fiscal Pact increases pressure on EU member states to cut government spending. It ensures that austerity policies are continued regardless of election results and changes of government. It effectively strips parliaments of their most important power, control over the budget, and deprives voters of any opportunity to influence fiscal policy.

German Chancellor Angela Merkel described this profoundly undemocratic treaty, which came about largely on her initiative, as a “milestone in the history of the European Union.”

Twenty five of the twenty seven EU members have signed up to the pact. In most countries, however, it has to be approved by national parliaments and in Ireland by a referendum before coming into force, with a deadline of the beginning of 2013. Only the British and Czech governments refused to sign, not because they reject austerity measures, but on the grounds that the pact impinges on their national sovereignty.

Referendum in Ireland: here.

100,000 welfare recipients in Berlin threatened with eviction: here.

Financial markets demand sharper crackdown against Egyptian workers: here.

USA: A bill passed by Congress makes it a felony—a serious criminal offense punishable by lengthy prison terms—to participate in many forms of protest: here.

Protests against austerity continue in Spain: here. And here.