Three hundred economists and academics from all continents, James Galbraith, Stephany Griffith-Jones, Jacques Sapir, Dominique Meda, call on European governments and international institutions to “respect the decision of the Greek people” and to “initiate negotiations good faith with the new Greek government to resolve the debt issue.”
We call on the governments of Europe, the European Commission, the European Central Bank and the IMF to respect the decision of the Greek people to choose a new path and to enter into negotiations in good faith with the new Greek government to resolve the issue of debt.
The Greek government is right to argue that a major shift is necessary because the policies implemented so far are a complete fiasco. They have brought neither economic recovery nor financial stability or jobs, or even foreign direct investment. They have damaged the Greek society and weakened its institutions. The approach was simply bad, it has not enabled any progress that should be preserved. We ask the European partners to acknowledge this reality that caused the election of the new Greek government.
Greece needs immediate humanitarian measures, a higher minimum wage, job creation, investment and measures to restore and improve basic services such as health and education. It needs to have a tax system more robust and progressive, which relies less on VAT and being able to tax the income and wealth. The new government must also fight, punish and eradicate corruption. To carry out these policies and give them time to demonstrate their effectiveness, budgetary margins are necessary. Meanwhile, the country needs the refinancing of the European Central Bank to stabilize its banking system. We ask the European authorities and governments to give Greece the budgetary margins and ensure this refinancing.
The Greek government has the right to demand cancellation of his vis-à-vis debt of the European partners. This debt is unsustainable and will never be repaid no matter what. There is no economic loss to the other countries and their taxpayers. Instead, a new start for Greece will stimulate activity, increase revenue and create jobs and thus benefit the neighboring countries. We urge creditors to Greece to seize this opportunity and expose these facts clearly and honestly to the people.
What is at stake is not only the fate of Greece, but the future of Europe as a whole. A policy of threats, ultimatums, obstinacy and blackmail means a moral, political and economic failure of the European project for all. We urge European leaders to reject and condemn all attempts at intimidation and coercion of the government and people of Greece.
Conversely, the success of Greece can specify a path to prosperity and stability in Europe. It would allow a renewal of democracy and open electoral game to other positive changes. We are with Greece and Europe, for democracy and change. European leaders must recognize the crucial democratic choice made by the Greek people in extremely difficult circumstances, to make a realistic assessment of the situation and engage without delay on the path of a reasonable negotiation.
Elmar Altvater (FU, Allemagne)
Philippe Askenazy (CNRS, France),
Clair Brown (University of California, Berkley, Etats-Unis)
Dorothee Bohle (Central European University, Hongrie)
Giovanni Dosi, (Pisa Institute of Economics, Italie)
Cédric Durand (Université Paris 13, France)
Gerald Epstein (UMASS, Etats-Unis)
Trevor Evans (Berlin School of Economics and Law, Allemagne)
James Galbraith (University of Texas at Austin, Etats-Unis)
Gaël Giraud (CNRS, France)
Stephany Griffith-Jones (Columbia University, Etats-Unis)
Laura Horn (Roskilde University, Danemark)
Robert Jessop (University of Lancaster, Royaume-Uni)
Steve Keen (Kingston University, Royaume-Uni)
Marc Lavoie (Ottawa University, Canada)
Tony Lawson (Cambridge, Royaume-Uni)
Dimitris Milonakis (University of Crete, Grèce)
Andreas Nölke (Goethe University Frankfurt/Main, Allemagne)
Dominique Meda (Paris Dauphine, France),
El Mouhoub Mouhoud (Paris Dauphine, France)
André Orléan (EHESS, France),
Henk Overbeek (VU University Amsterdam, Pays-Bas)
Mario Pianta (University of Urbino, Italie)
Alfonso Palacio Vera (Computense University of Madrid, Espagne)
Anwar Shaikh (New School for Social Research, Etats-Unis)
Jacques Sapir (EHESS, France)
Robert Wade (LSE, Royaume-Uni)