With the crowning of Hillary Clinton at the DNC in Philadelphia, the 2016 election cycle appears to have come full circle. She began as the frontrunner twelve months ago, and she is now officially the party's nominee. However, what we have passed through over the last few months is not a circle, but a contradictory spiral of development. The river of American political struggle has overflowed, and while Sanders' capitulation will inevitably lead to a temporary ebbing of the tide, its course has been changed forever.
Events are now moving at a lightning speed. Everyday there is a new twist and turn in the situation. Britain has become the focal point of the European crisis and even the world crisis. As we have explained in previous articles, the crisis which began in 2008 represented a turning point and would have massive repercussions around the world.
The European debt crisis of 2009 marks a decisive turning point in the history of European capitalism. Across the continent, the economic, diplomatic and political situation is characterised by uncertainty, instability and collapse. Everywhere, contradictions which had built up under the surface for decades have exploded onto the scene.
Greece joined the European Union in 1981 and adopted the euro in 2001. What impact did these two events have on the Greek economy? Within the general boom conditions across Europe pre-2007, Greece also boomed, but this hid the real underlying weaknesses of the Greek economy, in particular its declining productivity.
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