Greek Prime Minister Alexis Tsipras has arrived in Brussels for an emergency eurozone summit two days after Greek voters overwhelmingly turned down the terms of an international bailout in a historic rejection of austerity. On Sunday, Greeks, by a 61-to-39-percent margin, voted against further budget cuts and tax hikes in exchange for a rescue package from European creditors. Tsipras is scrambling to present a new bailout proposal as Greek banks remain shut down. If Greek banks run out of money and the country has to print its own currency, it could mean a state leaving the euro for the first time since it was launched in 1999. Euclid Tsakalotos was sworn in Monday as Greece’s new finance minister, replacing Yanis Varoufakis, who resigned following Sunday’s referendum. Tsakalotos, who has called for a "Europe of equals," had served as Greece’s main bailout negotiator and has been a member of Syriza for nearly a decade. Like Varoufakis, Tsakalotos has been a vocal opponent of fiscal austerity imposed by the core of the eurozone, saying it has unnecessarily impoverished Greece. We go to Athens to speak with Paul Mason, economics editor at Channel 4 News, and economics professor Richard Wolff.
As Greek voters reject further budget cuts and tax hikes in exchange for a rescue package from European creditors, who is to blame for the debt crisis embroiling Greece? Is Germany trying to crush Greece to set an example? Will Greece leave the eurozone? What does this mean for the global economy? We speak to Richard Wolff, emeritus professor of economics at University of Massachusetts, Amherst, and visiting professor at New School University. He’s the author of several books, including, most recently, "Democracy at Work: A Cure for Capitalism." Still with us in Athens, Greece, is Paul Mason, economics editor at Channel 4 News.
The Greek election has also factored into the U.S. presidential race. On Monday, Democratic presidential candidate Sen. Bernie Sanders said, "I applaud the people of Greece for saying 'no' to more austerity for the poor, the children, the sick and the elderly. In a world of massive wealth and income inequality, Europe must support Greece’s efforts to build an economy which creates more jobs and income, not more unemployment and suffering." Sanders’ anti-austerity platform is resonating with voters. On Monday, Sanders spoke before 9,000 in Portland, Maine. Last week he drew more than 10,000 people in Madison, Wisconsin, in the largest crowd of any presidential candidate in the 2016 race. We speak to Richard Wolff about Bernie Sanders and what it means to be a socialist.
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