Syriza Is Opposed to the European Union's Anti-Growth Policy, Not the European Union

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Monday, 26 May 2014 06:59

The Washington Post told readers that in several countries parties hostile to the European Union won in the elections to the European Parliament over the weekend. One of the countries on its list was Greece, where Syriza, the main opposition party received the most votes.

It is inaccurate to describe Syriza as being opposed to the European Union. The party has not called for Greece to leave the European Union. The party is opposed to austerity policies imposed on Greece by the European Union which have pushed the unemployment rate above 25 percent. By the I.M.F. measures, the lost output in Greece from being below potential GDP since 2010 is now approaching 30 percent of GDP, which would be more than $5.7 trillion in the United States. (This estimate is likely very conservative since the I.M.F. hugely reduced its estimate of Greece's potential GDP in the last few years.)

Syriza is opposed to these anti-growth policies. It is not opposed to the European Union.