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The measures applied in collaboration with the IMF, the ECB and the EU are not only unfair and dangerous to the Greek people.
The delegates of the IMF, EUand ECB have taken up permanent residence in Athens and are dictating their policy through an unconstitutional memorandum.
We have to shake off submissiveness, liberate ourselves from the IMF liberate ourselves from the ECB, and liberate ourselves from the EU because all three mean the economic slavery of Greece.
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Indeed, the most curious aspect of the ECB's position was its threat not to accept restructured government bonds as collateral if the ratings agencies decided that the restructuring should be classified as a credit event.
Italy, too, is being drained of capital; in fact, the flight of investors accelerated after the ECB's liquidity injection.
It is now clear that the ECB itself has caused a large part of the capital flight from countries like Spain and Italy, because the cheap credit that it offered drove away private capital.
The purpose of the ECB's measures was to re-establish confidence and bring about a recovery of the inter-bank market.
There are many who would solve the problem by routing more and more cheap credit through public channels - bailout funds, eurobonds, or the ECB - from the eurozone's healthy core to the troubled South.
He has made no efforts at economic reform during his term and now seeks to blame the ECB for Italy's lame economic performance.
Should this change, the ECB will have to raise rates even if Europe's economic growth remains slack.
How will the ECB react to better economic news?
True, there is no inflation problem in the short run, but the ECB's monetary policy focuses on the medium term.
Slow growth has silenced the monetarists on the ECB's Governing Council.
This would be bad news for the German economy, which could delay possible ECB interest rate hikes.
On the other hand, a center-right coalition between the Christian Democrats and the Free Democrats could spark the ECB into action.
That may work in the short term, but if sovereign default risks materialize - as my research with Carmen Reinhart suggests is likely - the ECB will in turn have to be recapitalized.
And, if the stronger northern eurozone countries are unwilling to digest this transfer - and political resistance runs high - the ECB may be forced to recapitalize itself through money creation.
Given that financial integration is particularly strong within the monetary union, putting the ECB in charge was an obvious choice.
Moreover, the ECB already bears de facto responsibility for the stability of the eurozone's banking system.
Putting the ECB in charge should also help to stop the creeping disintegration process, which is not publicly visible, but is very real nonetheless.
Here, too, it makes sense to have the ECB in charge as a neutral arbiter with respect to these opposing interests.
But, while putting the ECB in charge of banking supervision solves one problem, it creates another: can national authorities still be held responsible for saving banks that they no longer supervise?
But, if that is a real fear for the ECB - if it is not merely acting on behalf of private lenders - surely it should have demanded that the banks have more capital.
Indeed, one positive achievement by European leaders at the recent Brussels summit was to begin the process of reining in both the ECB and the power of the American ratings agencies.
Pressures are mounting on the ECB to raise interest rates - and Berlusconi and Co.'s attacks are as much as an attempt to forestall future rate hikes as to get the ECB to loosen its monetary policy.
But higher energy prices, by themselves, will not cause the ECB to pull the interest-rate trigger.
One particular worry is that euro-zone money supply is well above the ECB's benchmark level, indicating an excess supply of liquidity.
It is doubtful that the ECB would raise interest rates to curb excess liquidity so long as economic recovery remains in question.
Meanwhile, in Germany, the elections this September may have surprising consequences for ECB monetary policy.
The public should be relieved if the ECB raises rates, because this would most likely signal that the long-awaited economic recovery is well under way, and that inflationary repercussions are being addressed.