WHAT is new about the “refugee crisis” which appears to have engulfed Europe is that for the first time in history the consequences of the tragedies inflicted by imperialism upon the people in the “outlying regions” are visiting the metropolis itself in the guise of “refugees”.

INDIA’S stock market is passing through a volatile phase. While the 1625 point collapse of the Sensex on August 24, 2015, which was the largest decline in six years, was followed by a return to stability and even moderate buoyancy, the mere announcement of a half of a percentage point decline in the quarterly GDP growth rate during April to June, was enough to precipitate a more than 500 point decline on September 1, 2015.

THE Chinese central bank’s decision last week to let the yuan depreciate in three stages by almost 4 percent against the US dollar, was officially explained as a move towards greater market determination of its exchange rate. Though this explanation pacified stock markets around the world, China’s devaluation of the currency portends a serious accentuation of the world capitalist crisis.

MORE than seven years after the world capitalist crisis began, not only is there no sign of any recovery from it, but the prospects appear even bleaker today than ever before. In fact, while the advanced capitalist world continues to remain mired in crisis, it is now spreading across the globe, even to countries like India and China that had appeared initially to have escaped its impact. India’s GDP growth rate is slowing down; what is more, the manufacturing sector continues to witness almost absolute stagnation.

LET us forget for a moment that even the IMF, which happens to be one of Greece’s major creditors, has now publicly recognised that it is unrealistic to expect Greece to pay back its entire debt. Let us assume that Greece cannot be given any debt relief, but must pay back its debt, a certain amount each year. Even then however there are two ways to make Greece pay back this debt.