Wednesday 25 February 2015

Euro Crisis Song Lyrics


The Euro Crisis Song


Credits

Music and Lyrics: David Holmes and Andrew Bean
Additional Vocals: Dan McElroy
Animation and Design: Adam Sakellarides and Lisa Rucker
Production: Guardian and Studio 20 NYU
 

Lyrics

Portugal, Ireland, Greece and Spain
Who’s going to bail them out?

Greece’s sovereign debt crisis
Brought the government
To the brink of crisis
As public fury over
Savage austerity measures
Erupted in pitched battles with police
On the streets of Athens

There’s much to blame for this crisis,
Deregulation, speculation and the mortgage scam.
It started in the late 1990s
When European nations said ‘let’s get together!’
Big deal countries with big deal currencies,
The Netherlands, France and Germany,
Didn’t want everybody in their club.
Greece only got in ‘cause of a numbers flub.
When you use the Euro, there’s just one catch,
When things get rough, you can’t devalue cash.
Devaluation helps when recession’s afoot
It’s easier for foreigners to buy your goods.
When markets crashed in the Eurozone,
Speculators said Greece can’t pay their loans,
Since they use the Euro they can’t avoid this mess
By printing more money to refinance debt.

But if PIGS

Portugal, Ireland, Greece and Spain

Can’t pay their debts

Who’s going to bail them out?

There’s the Central Bank

Don’t take that money ‘less you save that money

And the IMF

Who’s to say it won’t happen again

They call you PIGS but they don’t understand
You are not the only ones
To spend more than you can.
And now you might default
You’re feeling so deflated.
This Euro Crisis left us all so jaded.

It has emerged that Greece will not be able
To meet the terms of last year’s rescue
And is hoping to ask the Eurozone for more funds

In the noughties low interest inflation
Made them look so strong.
Underneath the growth and easy spending
Was the fact that it was backed by foreign funds.
Three nations have been given bailout cheques,
Greece, Ireland, Portugal – could Spain be next?
Money never comes without strings attached,
Austerity measures designed to save cash,
Greeks spent too much, couldn’t raise enough tax,
Cut payments of debt with help from Goldman Sachs.
Austerity measures were very stern,
Strikes and riots causing Athens to burn.
It’s not about the bailouts or the debt or the mobs,
At the end of the day it’s all about jobs.
Unemployment for some is over 20%,
What’s a billion dollar bailout
When you can’t pay your rent?

But if PIGS

Portugal, Ireland, Greece and Spain

Can’t pay their debts

Who’s going to bail them out?

There’s the Central Bank

Don’t take that money ‘less you save that money

And the IMF

Who’s to say it won’t happen again

They call you PIGS but they don’t understand
You are not the only ones
To spend more than you can.
And now you might default
You’re feeling so deflated.
This Euro Crisis left us all so jaded.

Please tell me that we’ll make it through,
I know you think it can’t happen to you.
Good God, have you heard the news,
Sovereign debt crisis, it’s so sad but true

P

Please tell me that we’ll make it through,

I

I know you think it can’t happen to you.

G

Greece can cause Europe’s bank to bust.

S

Superpower dreams, all turned to dust?

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