“Blockupy” Protestors Target ECB and Banks in German Austerity Protest
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Thousands of activists from the anti-capitalist “Blockupy Frankfurt” movement will descend in the German financial capital on Friday, targeting the European Central Bank and other financial institutions to protest against the austerity policies of the German government and the so-called troika.
Thousands of activists from the anti-capitalist “Blockupy Frankfurt” movement will descend in the German financial capital on Friday, targeting the European Central Bank and other financial institutions to protest against the austerity policies of the German government and the so-called troika.
Members of the Blockupy group say they plan to “visibly disturb the usual business of the ECB” and will try to prevent employees from reaching the ECB on Friday, to underline what they say is the bank’s key “role as an important participant in policies that are impoverishing people in Europe”.
The so-called troika – made up of the ECB, the European Commission and the International Monetary Fund – is routinely blamed for imposing an “austerity diktat” on financially troubled countries and forcing Europe’s bailed-out countries into compliance with terms of their emergency loans, such as sharp budget cuts and higher taxes to reduce government deficits.
These cutbacks have in-turn contributed to persistent recession and high unemployment, “costing people their ability to make a living”, said the group. So far, Greece, Portugal, Ireland and Cyprus have received bailout loans while Spain negotiated loans for its banks.
Related: Greece and Spain “in Depression, Not Recession”: Stiglitz
Related: Austerity and Reforms Necessary Despite Social Cost, Says ECB Chief
Ani Diesselmann, a spokeswoman for Blockupy Frankfurt, explained:
[quote] The ECB is the most obvious symbol of the crisis. The main point is that all participants are against the troika and the undemocratic regime which is managing the crisis in a way that is not for people, but for profit. [/quote]
Early reports from Reuters say some 500 people have already moved into a camp on the western outskirts of Frankfurt, and organisers say the streets of Frankfurt’s skyscraper-filled financial district could be occupied by as many as 20,000 as protestors arrive from Berlin, Italy and Spain later in the day.
A second demonstration is also planned at the nearby Deutsche Bank’s headquarters and many of the city’s banks have urged staff to stay at home on Friday. The ECB, however, said it will remain operational while taking steps to ensure the safety of its staff.
The protests comes a day after the European Commission retreated from austerity, allowing six eurozone economies more time to meet its deficit targets.
In 2012, Blockupy protestors launched a similar four-day demonstration in Frankfurt, coordinated from a camp set up outside the ECB headquarters.
Related: ECB Employees “Overworked” From Handling Crisis: Report
Related: EU Economies Allowed to Overshoot on Budgets as Brussels Retreats from Austerity
