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The News Line: Editorial BRITISH CAPITALISM GETS THE SHAKES OVER EU CRISIS! UK Chancellor George Osborne lashed out at Germany’s ‘Iron Chancellor’ Merkel before the meeting of EU finance ministers in Brussels yesterday.

He attacked Merkel for suggesting that the time was fast approaching when Greece would have to be drummed out of the EU.

Merkel spoke up as the Greek election crisis deepened, bringing shares crashing all over the planet, and greatly deepening the crisis of EU and world capitalism.

She warned that Greece may be forced to leave the euro if it refused to implement spending cuts agreed with the European Union.

Raising the spectre of a Greek exit, she said ‘solidarity for the euro’ was threatened by the ongoing political crisis in Athens.

In fact, the Greek working class and middle class are adamant that they will not accept the austerity regime that the EU and its Greek puppets imposed on them.

This stand has destroyed the Greek bourgeois establishment parties, and no new pro-austerity coalition is possible in Greece, in the midst of what is a developing mass revolution of millions.

This means there will be new Greek elections in mid-June, when the prospect is that the anti-austerity front will win a majority, form a government and then advance to refuse to accept the austerity programme.

With share prices, especially bank shares crashing all over the world, Greece is to be shown the door out of the EU.

This revolutionary process will bring down the EU banks, undermining other EU regimes, particularly in Spain, Portugal and Italy, as well as further revolutionising France, and also striking a massive blow at the UK’s banks that are up to their necks in EU debt.

It is this prospect that has Osborne screaming.

The UK working class will not accept a new round of even more savage austerity measures to rescue, once again, a bankrupt British banking system that should have been put out of its misery and permanently expropriated in 2008-2010.

Meanwhile, the German media is campaigning for the UK coalition to be part of a ‘clean-up fund’ but the desperate Osborne, fearing that the Tory Party will split under the strain, has responded that it is up to ‘eurozone countries to support the eurozone’.

The coalition is acting like a rabbit caught in the headlights of a rapidly approaching car, unable to do anything about the situation that is threatening it.

The revolution, however, has not picked out Greece as its special target. The crisis is worldwide and the revolution that is erupting is a world revolution.

The UK is very much part of this revolution. It has hardly any industry and depends on the banks that have collapsed. It now wants to be a cheap labour state by getting rid of the Welfare State.

Its ruling class and its political establishment, Tory, Labour and Liberal, are completely discredited, with the News International scandals definitely undermining the current coalition to the point where it is rotten ripe for bringing down.

All the trade union leaders in the TUC will not be able to save it once the crisis requires new bail-outs and more savage austerity.

The Greek revolution is the beginning of the European Socialist revolution.

The working class in the UK must be organised in the period ahead to bring down the Tory-LibDem coalition and bring in a workers government, to carry through a socialist revolution.


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