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Altvater, Elmar
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2 articles of this author have been cited in the European Press Review so far.
Elmar Alvater calls for greater tax justice instead of bailouts
The second, 130 billion bailout package for Greece is the wrong approach, writes economics professor Elmar Altvater in the left-leaning weekly WOZ: "It would make more sense to improve the Eurozone area with an integration project. The goal should be balanced levels of productivity and incomes among all the member countries. A European industrial policy aimed at creating a green and united Europe is needed. The distribution of income and assets among the different classes and also among the different countries must be made more equitable, for example through heavier taxes on income and assets. This would stem the flow of exorbitant profits into the speculation kitties of the banks and funds. And the result would be fairer taxation in Europe instead of just more tax efficiency in Greece."
» full article (external link, German)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Financial Markets, » Greece, » Europe
Elmar Altvater sees rating agencies as neoliberal charlatans
In the wake of the debt crisis the rating agencies have become the target of criticism. Political scientist Elmar Altvater explains in the left-wing weekly WOZ why the agencies should be abolished: "Rating agencies are in cahoots with the international banking system - and help the banks to achieve additional profits: The worse the rating, the greater the risk of default. The extra risk can then be translated into a higher interest rate and hence into a bigger profit for the creditor. Greece is currently having to pay double-digit interest. ... That is a guarantee that a highly indebted country will never pay off its debts. State bankruptcy becomes the only way out. [In addition] the rating agencies also engage in geopolitics. With their country ratings they not only influence the value of government bonds, but also indirectly currency exchange rates. When the euro is weak, the US dollar recovers. And thus the dollar can continue to be the currency in which oil bills are paid. For the United States paying in their currency is central. The rating agencies assume the function of a sovereign entity without being sovereign. They are part of the guild of neoliberal charlatans. Their licenses should be withdrawn."
» full article (external link, German)
More from the press review on the subject » Fiscal Policy, » Financial Markets, » Greece, » Europe, » U.S.
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