Detroit Gets The Eurozone Treatment

Officials in Detroit and the state of Michigan have been cleared to implement a consent agreement that gives dictatorial power to the banks over the city’s finances and expenditures, following the dismissal of a lawsuit challenging the agreement’s legality.

The consent agreement, which will be overseen by a panel of corporate heads and investment bankers, allows for the ripping up of union contracts and the destruction of the jobs, living standards and pensions of thousands of city workers. It also paves the way for the slashing of fire protection, bus transportation and other vital services and the selling off of the lighting company and other public assets.

This is a bipartisan attack on workers, involving both the Democratic administration of Mayor David Bing in Detroit and Michigan’s Republican governor, Rick Snyder.

What is being done to the workers and poor people of Detroit is no different than what the International Monetary Fund and European banks are doing to the working class of Greece through the imposition of savage austerity measures…

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