The new “rescue package” for Greece and the Eurozone is designed to prevent a financial crisis triggered by more European countries defaulting on their debts, but Greece will still default soon and in Europe “the ferocious attack on working people will only intensify.”
In the US, the Republicans’ insistence on outrageous cuts in exchange for agreeing to increase the federal government’s debt limit has the effect of making a deal containing large but less extreme cuts to social programs and the elimination of a tax measure that helps working people look good. Watch an interview with US economist Michael Hudson, who calls what’s happening in Greece a “dress rehearsal” for the US, here.