Europe

As the Spanish government got its
€65bn austerity package passed in Parliament, millions of people took to
the streets in unprecedented demonstrations against cuts on July 19.
The day after, as the Valencian regional government asked for a central
government bailout (of 3.5bn euro), the risk premium on Spanish bonds
hit a new record, while 10 year bonds were yielding 7.3%. The Spanish
economy is on the verge of a full bailout.

The prospect of a Syriza government
caused a wave of panic in the bourgeoisie of Greece and internationally.
They organized a massive campaign to drive people away from Syriza,
warning of economic catastrophe if they came to power. That was
sufficient to panic wide sections of the middle class, older people and
backward layers into voting for the New Democracy.

Hundreds of coal miners have arrived
in Madrid today, after having walked between 400 and 500 km from the
different mining regions in Spain (Asturias, León, Aragón and
Puertollano). The determination and militancy of their struggle,
entering now day 43 of an all out strike, have captured the imagination
of wide layers of Spanish workers and youth who will come out today and
tomorrow for a massive demonstration of working class solidarity

The crisis of the euro resembles a long drawn-out death agony. There is one “decisive” summit after another, each proclaiming a definitive end to the euro crisis. The markets rally for a few hours or days and then fall once more. The index of the European stock markets resembles a thermometer that tracks the process of a terminally sick patient.

One of the most critical elements highlighted by the recent Greek elections is the explosive class polarisation taking place

The Greek and international bourgeois media orchestrated a huge terror campaign, painting a picture of economic chaos and collapse if Syriza were to win the elections. Thus by a small margin New Democracy (ND) scraped into first place. However, the rise of Syriza, despite all this, indicates the continuing shift to the left in Greek society. Now ND will attempt to form a coalition government with the PASOK, which will be one of continued austerity. Nothing has been solved; the problem has only been postponed. All the conditions are being prepared for a victory of Syriza in the near future. Here we publish an analysis on the elections, written by the Greek Marxists as the election results became clear .

May ended in Spain with frantic
attempts to prevent the collapse of the banking system, saddled with a
massive amount of toxic loans linked to the housing bubble. The
government attempted to involve the European Union in the rescue of
Bankia, while there were rumours of IMF plans for a bail out of Spain.
Meanwhile miners have gone out an all out strike in defence of jobs.

The ruling class is scaling up its
dirty war against SYRIZA, and is drawing together its various political
fractions in the hope of preventing a potential electoral victory of
SYRIZA in the elections on June 17. From the point of view of SYRIZA, in
order to achieve our aim of a Left government, we need to correct eight
grave errors and weaknesses.

The
elections in France and Greece represent a fundamental change in the
situation. The crisis of European capitalism has entered a new and
turbulent stage. A mood of anger is sweeping across Europe. Of course,
we understand that election results do not reflect the psychology of the
masses with complete accuracy. They are like a snapshot of the mood at a
given moment. But it is necessary to analyse election results
carefully, since they do show certain trends in society.

All the talk about the European crisis finally “turning the corner” has gone up in smoke as crisis ruturns big time to Europe.