WSWS - “The policy of “fiscal discipline” is a euphemism for a social counterrevolution in which the wages, living standards, labour protections and welfare provisions won in bitter class struggles are overturned to fund massive bailouts for the banks and drive up corporate profits.

The true character of the European Union is now plain for all to see. An institution that for decades was proclaimed to be a means for overcoming national divisions and creating a “social Europe” is revealed to be an instrument of the banks and big business for waging class war against working people.

Greece makes clear that there is no end to the rapacious demands of the financial oligarchy. For five years workers have been subjected to austerity measures that have pauperised millions while only deepening the economic crisis. Growing popular opposition to these measures was reflected in last month’s elections, which saw the collapse of support for the traditional ruling parties, PASOK and New Democracy, with the result that no stable government could be formed.”

From: Vote “No” in Ireland’s referendum on EU fiscal treaty /
Statement of the Socialist Equality Parties (UK and Germany)
30th May 2012, World Socialist Website -

http://www.wsws.org/articles/2012/may2012/refe-m30.shtml