Coming Sunday (23rd) leaders of the 27 European Union countries will decide on yet another rescue package for banks. For the day before, Saturday (22nd) German protesters are being called out to continue to “Occupy” under the motto “First disarm the finance markets – only then save the banks”. Last Saturday (15th) 40,000 Occupiers turned out across Germany – 8,000 in the banking capital Frankfurt, 10,000 in the political capital Berlin. An activism website, “Campact!” is calling for signatures to an appeal to conservative Chancellor [prime minister] Angela Merkel to keep her promise to stop the sprawling power of banks and finance markets.
Merkel, leader of Europe’s most powerful economy, and other EU leaders are set yet again to save banks with taxpayers’ money. Bigger national debts and more spending cuts for the socially disadvantaged loom.
Occupiers are demanding that no bank must anymore be allowed to be or get so big that its collapse imperils the entire finance system and governments are forced to save it. Large banks must be split into smaller units and the risky investment banking separated completely from the sensible real-economy banking business.
Should Greece really go belly-up, a finance injection to the banks will hardly be avoidable. But this time the same mistakes must not be allowed to be made as were made three years ago after the Lehmann melt-down.
The very first in the liability line this time must be the present owners and creditors of the stumbling banks. If tax revenue has to be spent on top of that, those moneys must flow back to public coffers through interim nationalization and skimming off the till.
"Cut the banks down to size!"
The Occupy energy has set much in motion in Germany. Politicians of all stripes are calling for toughness on the banks and professing solidarity with the protests.
There was much such grand talking-the-talk by politicians three years ago but no consequences followed.
At Sunday’s EU summit the heads of government can sequel their words with action by deciding a bank-saving package serving the interests of European citizens rather than those of the finance industry lobby.
On Friday, when Merkel and her ministers meet in Berlin to talk about the package, there are planned to be many protesters outside with placards stating people’s demands.
The Campact/Attac organisers are hoping for 50,000 signatures to their appeal.
What happens in Euroland will impact worldwide – for example, very directly on those drawing Euro pensions as that currency's value slips against others. So, you might like to join the protest to Merkel here.
The German words in the protest box are easy enough to follow with this bit of help Anrede*/Titel: = Salutation/Title; in the dropdown box Frau=Ms, Herr=Mr; Vor*-/Name*: = Given/Surname; PLZ*/Ort*: = Postcode/Place; E-Mail*:
Hundreds of thousands protested internationally against social inequality